Hi
Not sure where this fits and its very complicated. Am also going to get advice from my Solicitor but just wondering if anyone would know some information on this.
My mother has been living in our family home which is a council house for the past 25 yrs. She has now explored the option to buy it and it has been valued at a fairly small sum, much to the surprise of most of the family <50K.
We provided the land yrs ago to build the house on. Brother has been "living" their but is not on the rent book so in the case of her dying it would go back to the council. He is working locally and he has a small farm (15acres) in the vicinity.
She would like this brother to buy the house and for him to build on a 2nd house/extension to the side and for her to continue to live in her part until she passes. She would also like to keep the family home in her name as she is afraid that my brother and his future wife might eventually push her out of the house etc, and that they may not want us visiting in the future etc.
She cant afford to buy it on her own.
So my questions are. Can he buy the house and leave the house in her name or will it only be the debt in his name?
If he does this would he implicated by Inheritance tax in the future? - know the current threshold is 464K but it is likely that with the extension and the house being on a 1/2 acre site and area that house(s) is located it could be worth over this in the future.
Would a contract between them be suffice in protecting her if her name was not to be on the deeds. Is their any other options for her.
She feels that if she doesnt go ahead with giving him the option of buying that their will be a big falling out in the family. A few of us have offered to buy it for her but this is causing aggro already.
Thanks in advance.
Not sure where this fits and its very complicated. Am also going to get advice from my Solicitor but just wondering if anyone would know some information on this.
My mother has been living in our family home which is a council house for the past 25 yrs. She has now explored the option to buy it and it has been valued at a fairly small sum, much to the surprise of most of the family <50K.
We provided the land yrs ago to build the house on. Brother has been "living" their but is not on the rent book so in the case of her dying it would go back to the council. He is working locally and he has a small farm (15acres) in the vicinity.She would like this brother to buy the house and for him to build on a 2nd house/extension to the side and for her to continue to live in her part until she passes. She would also like to keep the family home in her name as she is afraid that my brother and his future wife might eventually push her out of the house etc, and that they may not want us visiting in the future etc.
She cant afford to buy it on her own.
So my questions are. Can he buy the house and leave the house in her name or will it only be the debt in his name?
If he does this would he implicated by Inheritance tax in the future? - know the current threshold is 464K but it is likely that with the extension and the house being on a 1/2 acre site and area that house(s) is located it could be worth over this in the future.
Would a contract between them be suffice in protecting her if her name was not to be on the deeds. Is their any other options for her.
She feels that if she doesnt go ahead with giving him the option of buying that their will be a big falling out in the family. A few of us have offered to buy it for her but this is causing aggro already.
Thanks in advance.