MonkeyManners
Registered User
- Messages
- 1
Hi, long time lurker, first time poster.
Fiancé and myself have recently moved back in to my family home to be closer to my mother after my father passed away. My mother is keen to sell the house to us for less than market value but continue to live with us afterwards. The idea being that she uses money from the sale to extend the current house so there’s more room for us to live. Benefit for her is that we stay close by and benefit for us is the property obviously. I’m an only child so no one else to inherit house. There’s about a 20k mortgage left on the house also. Market value of property is roughly 350k
I suppose my question is, is this possible? I know there’s certain inheritance/gift tax implications but would a mortgage lender even go for something like this? Is it legal?
I knowone of the first things people will say is daughter in law living with mother in law won’t end well but we’ve done it for long enough now at this stage I don’t think it would be an issue.
it would give my mother some comfort as she gets in life but also allow us to purchase a property.
appreciate any thoughts people may have.
MM
Fiancé and myself have recently moved back in to my family home to be closer to my mother after my father passed away. My mother is keen to sell the house to us for less than market value but continue to live with us afterwards. The idea being that she uses money from the sale to extend the current house so there’s more room for us to live. Benefit for her is that we stay close by and benefit for us is the property obviously. I’m an only child so no one else to inherit house. There’s about a 20k mortgage left on the house also. Market value of property is roughly 350k
I suppose my question is, is this possible? I know there’s certain inheritance/gift tax implications but would a mortgage lender even go for something like this? Is it legal?
I knowone of the first things people will say is daughter in law living with mother in law won’t end well but we’ve done it for long enough now at this stage I don’t think it would be an issue.
it would give my mother some comfort as she gets in life but also allow us to purchase a property.
appreciate any thoughts people may have.
MM