Buying Mums retirement bungalowMake Text Bigger
My mother lives in a retirement bungalow which is fully owned by her. I would like to buy it from her to remove it from her estate to reduce IHT tax and possible care home possession.
There is an age implication whereby someone living on the estate has to be 55, which I now am. If this age would affect owning a property there, I do not know.
Presumably I would have to charge her rent otherwise it could be considered a gift and thus effect her inheritance tax.
Is this an acceptable situation for a BTL mortgage?
Is there anything yet to be considered?
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