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Joint ownership with elderly parents?

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  • Joint ownership with elderly parents?

    Parents (elderly, ill health) want to move nearer us but can't afford £200K for bungalow next door to us. Their house is worth £120K, no mortgage.
    We are willing to take on mortgage either on that house or extend our own to buy them this house (ie loan £80) but would need to be joint owners of their house. What are the legal and tax implications for us? and what would happen if they need to go into nursing care in terms of fees etc?

  • #2
    Re: Joint ownership with elderly parents?

    Parents now suggesting they give us the capital from their house sale and that if the bungalow is then bought it be put in our names and they just live there, is that legal? & what are the implications for us legally/financially if they were to need nursing or homecare in terms of fee paying?

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    • #3
      Re: Joint ownership with elderly parents?

      You need to speak to an accountant as with having a second property there would be capital gains tax liability.

      Also, I'm not sure your parents can simply gift you their house without additional tax liabilities.

      Really, this is where an accountant really earns their salt, as there are a range of possible options, but all have different levels of tax liability. An accountant should be able to point you in the direction of least tax liability.

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