For the last 7 years I have been living with my mother as her primary carer in the house she has lived in for 65 years (and in which I was born).
Unfortunately my mother is now bed bound and also has advanced dementia / alzheimers so caring for her at home and keeping her safe will not be possible for much longer.
In order to free up some equity for her care without selling the house (and leaving me homeless) I am considering buying a percentage of the house, which is worth approx £300,000. I do not require a mortgage as I have the equity from selling my own house when I moved in with her
My questions are:
Can I legally buy a percentage of the house? I would get the house valued properly at fair market value
Would my mum pay any taxes on this sale?
I have 4 siblings, none of whom live in the property, and all are in agreement with this course of action. My mum's will leaves everything split 5 ways between us.
If the house is sold immediately after she passes away, am I liable for capital gains tax at this point?
What tax considerations would there be If we agree to keep the house and I continue to live in it for a significant period of time after she passes away?
I will not require a mortgage as I have the equity from selling my own house when I moved in with her.
I would get the house valued properly at fair market value.
We would each have our own independent solicitors.
Although mum has always said she wants the house to stay in the family she is no longer capable of making an informed decision.
I do not have LPA for finances, but 2 siblings do so can act on her behalf.
Are there any pitfalls/things to avoid with this. or must/must'n't do's? I would welcome any answers to my questions or general advice.