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Hello All
I am not sure where to start or even look for advise on my question, so I will try and keep it as short as possible :-)
My father-in-law passed away about 18 months ago and my mother-in-law no longer wants to be alone. She only lives about a mile away from my wife and I, but we have been discussing getting a house together (Me, my wife, mother in law and our two children). We have all made it clear that we dont think we could cohabit in the same house as such, but were thinking of selling both houses, getting one house and creating an annexe.
But after discussing this, we have decided it might be better to sell our house, move in to hers and extend it to allow for an annexe and living space for the family.
This all sounds far too easy to me so i have my reservations long term. We have a lot of equity in our house which would more than pay for the extension etc....but I am not sure where we stand long term, as the 'original' house would still be my mother in laws.
So can we get our names added to the deeds and make it a ownership of three persons. There is no mortgage on my mother in laws home and very little on ours. but I am unsure about the repercussions of possible inheritance tax further down the line (my mother in law is 71 years old).
Would a financial adviser or solicitor be best to speak to about all of the above?
Thanks in advance for any info or advice you can give.
I am not sure where to start or even look for advise on my question, so I will try and keep it as short as possible :-)
My father-in-law passed away about 18 months ago and my mother-in-law no longer wants to be alone. She only lives about a mile away from my wife and I, but we have been discussing getting a house together (Me, my wife, mother in law and our two children). We have all made it clear that we dont think we could cohabit in the same house as such, but were thinking of selling both houses, getting one house and creating an annexe.
But after discussing this, we have decided it might be better to sell our house, move in to hers and extend it to allow for an annexe and living space for the family.
This all sounds far too easy to me so i have my reservations long term. We have a lot of equity in our house which would more than pay for the extension etc....but I am not sure where we stand long term, as the 'original' house would still be my mother in laws.
So can we get our names added to the deeds and make it a ownership of three persons. There is no mortgage on my mother in laws home and very little on ours. but I am unsure about the repercussions of possible inheritance tax further down the line (my mother in law is 71 years old).
Would a financial adviser or solicitor be best to speak to about all of the above?
Thanks in advance for any info or advice you can give.
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