Buying house with parents

[jedimistress]

Due to extreme house prices, I am buying a house with my parents. Will have annexe / granny flat for me. We would like advice on the legal aspects of 3 people on the deeds. What hapopens if someone wants out? If someone dies etc? Are there any complications to watch for? Any information would be very useful. Many thanks.

[dannydingbat]

You all are owners of the house and responsible for paying the mortgage (If any). You will probably be buying as Tenants in Common so your shares will be divided so if someone dies, their heirs and successors can inherit that portion. If you are Joint Tenants, the share of any person sying will pass to the others. Other than that, speak to your legal advisor.

[WendyS]

I don't know how old your parents are but one longer term complication which springs to my mind is what would happen if one or both of your parents later on needed care and had to go into residential accommodation? I'm wondering whether the local authority would try and demand that the house be sold to cover their fees..
I do think you might need some legal advice on this.

[Didwot]

It is simple. Agree all the details of the ownership with your parents before the purchase, including what happens if someone wants "out", and get it all set out as a deed by you lawyers. Once you have all signed that document your rights and obligations will be there for you to rely on in the future.