Sharing a home with a child
Posted: March 14th, 2019, 2:07 pm
I cannot believe the can of worms that I have opened.
My wife broke her back and at the same time developed dementia. So, we decided to accept our daughters offer of care as we age ( now mid 70s) and buy a house together, with us contributing half and her and her husband (mid 40s) contributing the other half with 1/3 of their contribution from savings and 2/3 mortgage to be paid by them. The mortgage represents only about 1/3 of the total value of the property. Because they are musicians their mortgage was not easy to arrange and the offer specifies that they must have total title even though they are only paying half?
They travel frequently.
So, if they died in a crash, we would presumably get chucked out by the lender. If one of them died or they divorced and wanted to move on how would that leave us? Their mortgage is for 20 years so we cant really be named on it? They have a totally disabled, esn, deaf son who would be totally incapable of dealing with anything like this. If we died within 7 years HMRC would appear wanting to claim 40% tax on our gift. Lots of other undesirable scenarios...
Thing is about this, this must be a very common scenario, how should this situation be handled legally? What do we need to do to provide everyone with security?
My wife broke her back and at the same time developed dementia. So, we decided to accept our daughters offer of care as we age ( now mid 70s) and buy a house together, with us contributing half and her and her husband (mid 40s) contributing the other half with 1/3 of their contribution from savings and 2/3 mortgage to be paid by them. The mortgage represents only about 1/3 of the total value of the property. Because they are musicians their mortgage was not easy to arrange and the offer specifies that they must have total title even though they are only paying half?
They travel frequently.
So, if they died in a crash, we would presumably get chucked out by the lender. If one of them died or they divorced and wanted to move on how would that leave us? Their mortgage is for 20 years so we cant really be named on it? They have a totally disabled, esn, deaf son who would be totally incapable of dealing with anything like this. If we died within 7 years HMRC would appear wanting to claim 40% tax on our gift. Lots of other undesirable scenarios...
Thing is about this, this must be a very common scenario, how should this situation be handled legally? What do we need to do to provide everyone with security?