Hi all,
My wife and myself have been looking into building recently. Recently the conversation came up about my family home and what will happen that in the future. It will be left to me in my parents will, we agreed this as a family years ago and nothing has changed there. My parents are both alive, in good health and living in the house now. It’s a decent size house, an extension was build years ago so my parents could do B&B but that stopped a long time ago, so now part of the house is practically empty. We’re in a rural area and I own the land directly across the road from this house and this is where we were hoping to build.
Long story short, we’re now looking into the possibility of doing up the family home and moving in there instead, alongside my parents, effectively changing part of the house into a “granny flat” for lack of a better term! The plan would be to do up the house with the money we were putting towards building and look hopefully extend slightly also.
My question is what would be the best approach to this? I know the house would have to be valued before it could be signed over, I think it would be around the 200k mark but that’s just a guess. I’m also conscious of keeping my parents as protected as is possible, just in case anything were to happen in the future. Don’t get me wrong, I’m not expecting anything to happen but also naive enough to think it couldn’t!
From an inheritance point of view, would it make more sense to have it all in my name, rather than myself and my wife?
Has anyone been in the same situation? Any advice would be greatly appreciated!
My wife and myself have been looking into building recently. Recently the conversation came up about my family home and what will happen that in the future. It will be left to me in my parents will, we agreed this as a family years ago and nothing has changed there. My parents are both alive, in good health and living in the house now. It’s a decent size house, an extension was build years ago so my parents could do B&B but that stopped a long time ago, so now part of the house is practically empty. We’re in a rural area and I own the land directly across the road from this house and this is where we were hoping to build.
Long story short, we’re now looking into the possibility of doing up the family home and moving in there instead, alongside my parents, effectively changing part of the house into a “granny flat” for lack of a better term! The plan would be to do up the house with the money we were putting towards building and look hopefully extend slightly also.
My question is what would be the best approach to this? I know the house would have to be valued before it could be signed over, I think it would be around the 200k mark but that’s just a guess. I’m also conscious of keeping my parents as protected as is possible, just in case anything were to happen in the future. Don’t get me wrong, I’m not expecting anything to happen but also naive enough to think it couldn’t!
From an inheritance point of view, would it make more sense to have it all in my name, rather than myself and my wife?
Has anyone been in the same situation? Any advice would be greatly appreciated!