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Sorry, I haven't got my point across well enough. I do not wish to buy the property from her as she is already leaving it to us in her will. I am merely trying to find a way that I can give my sister half the value of the property just now from my own funds, but also to ensure that I then tie up that the house in my name one way or the other. My mother will be happy to go along with whatever we choose to do as she knows I have looked after her for the past 40 plus years. As mentioned I originally bought the house for her anyway. It is just the best way of achieving this. My ideal would be for her to sign over the house to me just now and I then let her stay in the house for the rest of her life. Should she need to go into care I would of course take care of that. My worry was that if I then let her live there rent free is there tax problems? The estate as mentioned is way below the inheritance tax threshold but I think there may be other rules affecting the rent free thing. Anyway our preference is that she signs over house to me, I give my sister a lump sum so she and husband can move house and finally that mum can then live in the house rent free. Can we do this legally and easily? Thank you.
Hi Clare, Thank you so much for this very helpful answer. I think purchasing the house for full value seems the way to go, with her gifting it on to us as you suggest. Done up I think the house would perhaps sell for a max of £150,000; whilst in its present run down state about £100 - £110,000, so we are only talking relatively small sums here. I assume a solicitor wouldn't charge too much for this to be done? Again thank you for your help. Andy.
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