House inheritance


R

robert

My father bought his sisters house part as an investment and partly to help
her out. He gave her the money to buy it(about £10,000) and she bought it.
Its all in her name. It was an ex council home and they got it cheaper if
that makes a difference. Its now about 12 years later and shes about 75.
Shes done ok because shes lived rent free for the last 12 years and my dads
done ok as hes put up 13,000(he paid £3,000 when the rest of the houses got
updated so hers was updated) and its probably worth about £35,000.
We suspect in around 5 years she'll end up in a home. This is something my
father never thought off as he always thought she'd end up with him(hes 20
years younger) but hes moving abroard and she wouldn't move.
What are the implications. Will she be forced to sell her home to pay for
her care(she has about £3000 in savings) ? How could we get round this?
Cheers for any advice
 
Ad

Advertisements

R

Ronald Raygun

robert said:
My father bought his sisters house part as an investment and partly to
help her out. He gave her the money to buy it(about £10,000) and she
bought it. Its all in her name. It was an ex council home and they got it
cheaper if that makes a difference. Its now about 12 years later and shes
about 75. Shes done ok because shes lived rent free for the last 12 years
and my dads done ok as hes put up 13,000(he paid £3,000 when the rest of
the houses got updated so hers was updated) and its probably worth about
£35,000.
Eh?

It's either hers or it's his. If it's hers, how has *he* done well?
If he *has* done well, it must be his, and he could be thought of as
having gifted her the right to live there rent free as opposed to
having gifted her the ownership. The fact that you mention "rent"
at all suggests that it's really he who owns it (even though she is
the "paper" owner (since you say it's all in her name) this doesn't
mean that he's not the *real* owner).
We suspect in around 5 years she'll end up in a home. This is
something my father never thought off as he always thought she'd end up
with him(hes 20 years younger) but hes moving abroard and she wouldn't
move. What are the implications. Will she be forced to sell her home to
pay for her care(she has about £3000 in savings) ? How could we get round
this? Cheers for any advice
Easy. If he's the real owner, then it's not hers to sell. She's only
renting it (for free). So she can't be forced.
 
T

Troy Steadman

Ronald said:
Eh?

It's either hers or it's his. If it's hers, how has *he* done well?
If he *has* done well, it must be his, and he could be thought of as
having gifted her the right to live there rent free as opposed to
having gifted her the ownership. The fact that you mention "rent"
at all suggests that it's really he who owns it (even though she is
the "paper" owner (since you say it's all in her name) this doesn't
mean that he's not the *real* owner).
Eh? If it's "all in her name" how can she be anything other than "the
*real* owner"?
 
R

Ronald Raygun

Troy said:
Eh? If it's "all in her name" how can she be anything other than "the
*real* owner"?
If it's in her name, she's the paper owner.
She might not be the beneficial owner.
For most purposes, beneficial ownership is more "real" then paper ownership.
 
T

Troy Steadman

Ronald said:
If it's in her name, she's the paper owner.
She might not be the beneficial owner.
For most purposes, beneficial ownership is more "real" then paper ownership.
Not for one moment am I doubting you RR, but how does this work?

Say Mrs A lives in a council house, and has the opportuntiy to buy it
at Hefty Percent% discount. How can Mr B her brother (say) buy the
house through her, with her "the paper owner", while he remains "the
beneficial owner"?
 
Ad

Advertisements

R

Ronald Raygun

Troy said:
Not for one moment am I doubting you RR, but how does this work?

Say Mrs A lives in a council house, and has the opportuntiy to buy it
at Hefty Percent% discount. How can Mr B her brother (say) buy the
house through her, with her "the paper owner", while he remains "the
beneficial owner"?
In exactly the same way is if it were any other house, without any
discount. It would of course be fraudulent of Mr B to gain unfair
access to the discount in this way, given that Mrs A, not he, is
entitled to it, but that's another matter.
 
Ad

Advertisements


Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Similar Threads

sold inherited house 32
depreciating inherited house? 2
Inherited House Sale 8
USA Inherited house buyout 0
Sale of inherited house 12
selling inherited house...cgt 21
inheritance tax question (house) 16
Sale of Inherited House II 15

Top