Buy my Dads house?.

keithmac

Veteran
Hello all, has anyone bought their parents house while they are still living in it?.

My dad has willed me his house but he needs a new roof, I've offered to buy it off him for £1 (obviously there's fees and stamp duty etc), re-roof it and maintain it while he lives there.

Someone has mentioned you can't sell the house below market value anymore?.

Has anyone been in same situation?.

If I had the money I'd by him a new roof etc but we haven't unfortunately, would have to put it on our mortgage.
 

Gillstay

Well-Known Member
I think you need a different forum to be honest. There is too much at of yours and your da's future at stake.
 

Darius_Jedburgh

Looking for the lost chord.
Can't sell below market price?
What is market price?
Willing buyer, willing seller.
When my mum died, father was worried that the state would snaffle his house - our inheritance - for care home fees. He gave us his house and lived in it at one shilling per year rent (which he never paid!). Providing he lived 6 years the state couldn't touch the gift. He died inside two years without going into care.
Maybe your father could do something similar. You would then own the house and could do with it as you wish.
Careful if you have siblings, they can be PIA.
 
OP
keithmac

keithmac

Veteran
No siblings, it does seem strange?.

How do you prove who owns a house?, is it all in the deeds?, if I own the deeds do I own the house or is there a lot more to it?.

Does seem a bit daft that he can't sell it to for whatever he wants tbf.
 

OldShep

Senior Member
Are you married? What happens if you divorce?
Dad could end up homeless.
 

Darius_Jedburgh

Looking for the lost chord.
No siblings, it does seem strange?.

How do you prove who owns a house?, is it all in the deeds?, if I own the deeds do I own the house or is there a lot more to it?.

Does seem a bit daft that he can't sell it to for whatever he wants tbf.
Ownership is shown in title deeds. These are all electronic these days and recorded on land registry.
Dad can sell to who he wants, when he wants for whatever price he wants.
Only restriction is that the state can go back 6 years if he needs care that could have been paid for by the house. Remember the state doesn't expect to have to care for you. That's not what you pay Tax and N.I. for.
Any decent solicitor will advise the best way to deal with this. Maybe even some form of trust.
Well worth paying the fee for a consultation.
You will get better advice than on here.
 
OP
keithmac

keithmac

Veteran
Are you married? What happens if you divorce?
Dad could end up homeless.
If I got it as a result of his will rather than buying it would that make any difference?.

To be honest it would be for our two children eventually regardless.
 
OP
keithmac

keithmac

Veteran
Can't sell below market price?
What is market price?
Willing buyer, willing seller.
When my mum died, father was worried that the state would snaffle his house - our inheritance - for care home fees. He gave us his house and lived in it at one shilling per year rent (which he never paid!). Providing he lived 6 years the state couldn't touch the gift. He died inside two years without going into care.
Maybe your father could do something similar. You would then own the house and could do with it as you wish.
Careful if you have siblings, they can be PIA.
My wife has just read similar, he can gift me the house if we charge him rent (£1 a month), if he lives in it for 7 years or more (hopefully a lot more!) there's no inheritance tax?.
 
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