purchasing parent house

[nichick]

Wondering how we could go about this the most simple way,
my inlaws have a fine sized house (but too big for them now) and this weekend were talking of downsizing to something more suitable for 2 adults. My hubby and I just had our second baby and we would love something bigger,
how could we buy theirs and sell them ours, due to their ages(father and mother inlaw) -they would struggle to get mortgages, so how can we do it,
can we do a swap and pay the extra to them?? Dont want to be LET it, other siblings involved and as it is my in-laws i want to feel like it is mine and hubbys house and no longer their family home.. I want to have the deeds in mine and hubbys name
any ideas??

 

[donee]

if there was a forum for emotional nightmares this subject would top the list. i speak from experience and wish you luck when you inform the other siblings involved of your plans.that said there are stamp duty issues from your inlaws to you, but not from parent to son/ daughter, and as for wanting to feel like its yours , it'll always be refered to as "my mothers/ my dads" by others. also what do you do if , where your in laws move to ,they dont like , then what? is there any scope or room to build a granny flat?

 

[Mauri]

Nickchick, don't know anything about the legal/monetary way to do this, but I would advise you both to give this a lot of thought from the point of view of the emotional attachment of hubbys siblings if any. As donee mentioned this can be a minefield.

A friend of mine was left the family home by her parents as she was a single person and lived at home. To save any bad feeling she offered to split the market value at the time between her five siblings, three accepted two were generous enough not to.

It was treated like a holiday home by those who got their share and she is now left to take care of a very ill brother even though two of the others live near by, She was told she got a cheap house and she should care for him. This brother is one of the siblings who refused his share and is embarassed about being a burden.
I am not suggesting this may happen in your situation but as they say fore warned is fore armed.