Mother's house needs work....

[r2d2]

Hi All,

My mother lives on her own in our original family home, my folks split up about 22 years ago and the house is solely in her name. She has been talking about getting new windows back and front and a lot more. To be honest the house is not in great nick as she co-habits with four dogs a cat and two guinea pigs who treat the house like an outdoor wildlife park !! As a result, the minimum required could be circa €25k - €35k

She has mentioned getting a 'loan' from one of these companies that specialises in older people releasing positive equity in their home for renovations or generally to just have a blast in their twilight years...Has anybody any experience of this, either good or bad ? Or any other suggestions of how to tackle this issue ? FYI, she plans to leave the house in equal shares to myself, my brother and her long time boyfriend (manfriend, partner...whatever he should be called ) and I wondered if there was a way in which we could give her the money in equal shares or if the others weren't going to buy into this I could give her the money as long as I'm protected in some way !?

Interested to see your comments...

Thanks,

r2d2

 

[ramble]

You could purchase a share in your mothers house to the value of what she needs for the renovations. Say the house is worth €250,000 and she needs €25,000 then you buy 10% of the house. There is no stamp duty if the share you purchase is under €127,000. You would be liable for CGT on any increase in value of your share if the property is sold.