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can anyone give me some advise


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HOLA441

my disabled sister who recently lost her husband and has been living alone for the past 6 months her daughter who is buying a house with a small granny annex suggested that she could have the annex to live in so my sister has agreed to pay one hundred and thirty thousand towards her daughter house sale which is five hundred and seventy five thousand pounds minus the one hundred and thirty thousand pounds my sister will be putting in

she has a solicitor to act who is doing a legal charge for her as follows

if the house is sold in the future she can have her money back

if any disagreements that cannot be resolved in the future and if things get really bad she wants her money returned so she will be able to move out

no rent to be paid

also will there be any tax implications  for my sister

   please could you send any helpful replies

 

 

guilty as sin

 

 

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HOLA442

Hi there,

Just a few questions

1. Is your niece married?

2. Is it a fully cash purchase or is there a mortgage for either?

3. Has the annex been valued and how did they agree on the price?

4. Has the entire house/annex been valued and how?

5. How would your niece be able to pay your sister back if needed?

Can't see any tax implications but others may know better

 

 

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HOLA443

thanks for replying

yes my niece is married

yes it will be part cash part mortgage

my sister just came up with the price she has not got a valuation on the annex

the house is in a leafy part of surrey a nice area near a rail station  no my niece did not get a valuation she made an offer and she got about twenty thousand pounds off the asking price

my sisters solicitor is doing a second charge i believe which it states if her daughter and husband sell she will receive her money back  you see her daughter's husband keeps leaving his jobs every couple of years either being bullied or he gets stressed  and just walks out up to now he has managed to get other  good well paid jobs in the city but sooner or later his luck is going to run out  he is having problems at work now with stress and unable to handle the workload  he is having counselling to try and  handle it he has just been off work for 3 weeks with stress and a heavy workload   also he has a terrible temper that he brings home with him

my sister just wants to help her daughter and her 2 children move to a bigger house and a nicer area it's all very sad

if my sister wanted her money back her daughter could only do it if she sold the house of extended her mortgage but with her husband's history i dread to think what will happen there

guilty as sin

 

 

 

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