buying property for �1

[stooge]

My Mother in Law owns a 2 bedroom flat with a shop below. The property is in a very bad way and needs a lot of work. My Mother in law wants me to take over the property along with her Daughter so we can get the place back to its original condition ASAP. If we have to buy it from her for �1 then we will however what else would I have to pay for by using this method?
Can I put the property in my name & in her Daughters name without incurring additional costs? Are there cost effective methods that are quick, easy and that take very little time to complete?

I really appreciate any help offered.

Steve