Moving into my mother's house to mind her

Sort out today's problem.
Your mother wants you to move in with her.
You want to upgrade the house for it.
She sells you the house so that you don't spend the money and then find you don't own the house.

Don't worry about the potential implications in ten years in case your mother moves into a home.

Brendan

The sale of the house can have huge implications in the future, in particular for the mum. What happens if the couple who owns the house decides to separate, faces financial difficulties, sickness, needs to change location for a new job, one of them becomes a widow ... what is then the situation of the mum. What happens if the arrangement doesn't work out (conflict of personality or anything else)? Would the mum need then to find alternative accommodation? I know that these could or could not happen. But very few people don't face any of these difficulties in real life.

Hi azerty

You are correct in that these things could happen, so the mother is taking a risk.

However, we know that the mother needs care now and the daughter is prepared to provide it.

@PBS Mummy

An alternative approach would be for you to lend your mother the money to do up the house, assuming she does not have it herself.

That way your mother retains ownership.

Let's say you lend her €100,000 and when she dies the house is worth €600k.
The house is sold.
Your €100k is repaid from the proceeds.
The €500k is dealt with according to her will.

If you go down this route, make sure to put it all in writing so that there is no dispute over it when she dies.
And if the amount is in excess of €50k , then ask the solicitor to draw up a formal mortgage, so the house cannot be sold without discharging the mortgage first.

Brendan

@PBSMummy Whatever way you proceed, I wish you well. It’s not an easy undertaking.