IM selling my house to son i have some questions?

[House hunter]

I own my house a good few years since my husband died.
I now want to sell up to my son who has his own business and it would be a good investment for him . My house was sold to me by Fingal county council. We have looked into selling the house and they have told me i need a declaration stateing that my son will house me as i am not buying another home i will stay liveing with my son. He has been passed for a mortage . Did anyone ever hear of Fingal doing this before and will they allow me to sell my house to my son if im not buying anywhere else?

 

[Vanilla]

Usually county councils will allow people to sell houses in these circumstances where the seller undertakes not to be a burden for rehousing in the future and where the buyer is not an investor- i.e that the buyer does not already have another house. However I do know that councils will look at individual circumstances and I have had clients who want to buy their parents house at present and allow their parents to reside there until they die in similar circumstances to yours. Again this would be where they already have a house of their own and they simply want to allow their parents to be able to have an easier lifestyle now with a bit of money. In that case, Kerry County Council said they would look favourably on the application. But the drawback is that it will affect any means tested social welfare payment you may currently be getting/ medical card entitlements and so on. Also you should get legal advice about your future right to reside in the property should you go ahead and sell. So you should look at the overall picture too before you commit to such a big step.

 

[RainyDay]

Think carefully about what you are going to do - It is very easy for families to fall out over property/money. Why would you give up your rights to your home now? What happens if son ends up in severe financial straights, due to business failure, or relationship failure? Have you thought about costs of nursing care or similar when you get older?