Can I buy my mum's home? :confused:

[currywurst]

Hello everyone,

I don’t post here much and I’m sorry I only post when I have a query but I would like some advice before I speak to a solicitor.

Just a quick bit of background. I began looking after my mum, who is 74 with AD, 16 months ago after my father (who was mum’s main carer) died suddenly. I moved out of my home to come and look after mum as I lived in an upstairs flat and mum cannot climb stairs, where as mum has a bungalow. I have now sold my property and have been asked by uncle who has EPA if I would be interested in buying mum’s home. The reason is for future security for me, obviously so if anything happens to mum then I don’t have to worry about moving and also because he is 69 and is concerned what would happen if anything happened to him, and thinks it would be better that the bungalow is already sold.
Sorry this is so long! What I would like to know is if it is legal to buy mum’s home. Of course it would be at market value and all above board, or would I be better of buying something else and moving mum in with me. Or what would happen if anything happened to mum, where do I stand? Could I buy the property then. One of my brother’s used to live with mum and dad until a couple of years ago and he said that he had to go with dad to the solicitor to sign a document to say that he had no financial interest in the house. Should I do that? I have no interest in anything financial I just want what’s best for mum, but I feel sometimes like it would have been better to have placed mum in a NH so I didn’t have to deal with my family anymore.

It all seems so difficult! Any advice would be gratefully received.

 

[Margarita]

I can understand where your comeing from when you say

I don’t have to worry about moving

But

Also because he is 69 and is concerned what would happen if anything happened to him?

He would still have the EPO and the money from the sell of the house & something could still happen to him, so why not hand over the EPO to you ? or don't you want It ?

Don’t see why you could not buy your mother house as long it’s done legal like you say

Of course it would be at market value and all above board

 

[Amy]

Hiya Currywurst,
Sorry cannot answer your problem (though my gut instinct is that I cannot see why you shouldn't be able to buy), but just wanted to say that you have no need to apologise for "I only post when I have a query " - we all use TP in different ways - that is the beauty of it.
Take care.
Love Helen

 

[currywurst]

Hi Margarita

My uncle did want to pass the EPA over to myself and my oldest brother but after contacting a solicitor he discovered it was not very straightforward so he decided to leave it as it is. Also to be honest I don't think I would want it as I come from a large family and a couple of my brothers already get shirty at any discussion of money!

 

[currywurst]

but just wanted to say that you have no need to apologise for "I only post when I have a query "

Thank you Helen.

I do try to read the forum as often as possible but don't have much time to post

 

[Kayla]

Buying Mum's house

I think you need to have professional advice on this, especially if you come from a large family. What would happen to the money from the sale of the house? Interest rates are very poor at the moment and the money could lose a lot of value, House prices are always on the rise and whatever happens in the financial world, a house is still a house, inflation can't turn it into something smaller and people will always need somewhere to live.
Also, what would happen if your mother needed to go into a care or nursing home in the future? If she were to run out of money, she wouldn't have any choice about where she went. It might be better if you invested the money from your flat sale into something you could rent out and then you'd have a home in the future if you needed it.
Kayla

 

[currywurst]

Thanks for the reply Kayla

The money from the sale of the house would be kept in the bank and would be available for any NH fees in the future should mum need it. I don't expect mum to run out of money before a NH may be needed as she has a good income and her outgoings are probably half of what she has coming in so there is always something accumilating.

I'm not sold on the idea of buying mum's house as I agree with you I was intending to buy another property to rent out for the future, it was just that my Uncle (who has EPA) asked me if I wanted to buy it and I just wanted to find out if it's possible/allowed.

 

[Norman]

Hi curyworst
this seems complicated and I would not attempt to answer your query,you need professional advice.
In the first instance I suggest that you telephone the Alzheimer's help line and take it from there and act on there advice.
Norman