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My mother is a council tenant and had been offered her property to purchase. I've agreed to sell my main residence and use that money to buy and renovate the property. My family and she will all live there. How can i protect my interest in the asset. I think a will isn't strong enough. I was thinking a charge for the first 5 years of ownership then have this removed and then create a transfer of equity.
is this possible, can a charge be removed if the "debt" isn't repaid. can we just transfer the equity soon after.
i don't want to keep the charge until she passes incase i habe a hefty income yax bill. if the property value increases then the increase in equity would be seen as inrtered gained on the "loan*. This is my understanding but I may be totally wrong.
is this possible, can a charge be removed if the "debt" isn't repaid. can we just transfer the equity soon after.
i don't want to keep the charge until she passes incase i habe a hefty income yax bill. if the property value increases then the increase in equity would be seen as inrtered gained on the "loan*. This is my understanding but I may be totally wrong.
