Hi,
A pickle I am trying to assist my partner and his elderly mother work out...
A home is owned outright by a 70-year-old pensioner who lives with her son and has an unwritten agreement that upon sale of the property she would give him anything left over after purchasing a new, smaller home. The son would then use this money to purchase a mortgage for his own home. They would thus be living apart.
A number of years ago they looked into adding the son's name to the deed but decided it was too expensive at the time.
The son pays a weekly rent and has done for many years. As both people live in the home as their primary residence with no other properties owned by either, what are the costs, implications (tax and otherwise) and legalities of changing the deed from sole ownership to tenants in common as opposed to simply adding him to the deed?
If this is not a good idea, what are the legal options under property law in this case so as to, hopefully, have the mother in a paid for smaller home, the son having his share of the sale to put towards a mortgage of his own and the least expense and risk in doing so?
Thank you and I apologise if the question is a confused and silly one!
A pickle I am trying to assist my partner and his elderly mother work out...
A home is owned outright by a 70-year-old pensioner who lives with her son and has an unwritten agreement that upon sale of the property she would give him anything left over after purchasing a new, smaller home. The son would then use this money to purchase a mortgage for his own home. They would thus be living apart.
A number of years ago they looked into adding the son's name to the deed but decided it was too expensive at the time.
The son pays a weekly rent and has done for many years. As both people live in the home as their primary residence with no other properties owned by either, what are the costs, implications (tax and otherwise) and legalities of changing the deed from sole ownership to tenants in common as opposed to simply adding him to the deed?
If this is not a good idea, what are the legal options under property law in this case so as to, hopefully, have the mother in a paid for smaller home, the son having his share of the sale to put towards a mortgage of his own and the least expense and risk in doing so?
Thank you and I apologise if the question is a confused and silly one!