Hey, just looking for a little bit of advice/info.
We moved in with my mother 3½ years ago as she was injured and bedridden for nearly 6 months, we spoke of building on to have a bigger space for us all (5 adults and 2 kids).
She signed over the house to us ( with her retaining a right of residency on the property for the duration of her life) so we could take a mortgage out on it.
My mother has since moved out due to an argument with my wife and her starting a relationship with someone since my dad passed away.
I want to buy the right of residency from her and we've come to an agreement of half the value of the property €150000, wondering what are the tax implications for both parties and any other implications for us both???
We moved in with my mother 3½ years ago as she was injured and bedridden for nearly 6 months, we spoke of building on to have a bigger space for us all (5 adults and 2 kids).
She signed over the house to us ( with her retaining a right of residency on the property for the duration of her life) so we could take a mortgage out on it.
My mother has since moved out due to an argument with my wife and her starting a relationship with someone since my dad passed away.
I want to buy the right of residency from her and we've come to an agreement of half the value of the property €150000, wondering what are the tax implications for both parties and any other implications for us both???