Buying Parents House

[Kingfka]

Hi , my husband and and I are thinking about selling our house and moving. We are thinking about buying his parents home. His Mum is in a Nursing Home (Done by Fairdeal Scheme) and his Dad still lives there. So his Dad would be living with us maybe doing a Granny Flat. House needs renovations Has anyone ever done this ?. What's the best way of doing it ? The legal side and tax side of things especially because of the fair deal scheme .

 

[twofor1]

Someone else might advise on the tax and legal side, from a Fair Deal perspective;

Selling the house is a notifiable change in circumstances.

Being the family home your mother in laws 50% of the house is only assessable for the first 3 years. If the house is sold her 50% of the proceeds is immediately assessable indefinitely.

If your mother in law has availed of the nursing home loan, whatever is owed will have to be repaid from the proceeds.