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Clare, Solicitor
Category: Law
Satisfied Customers: 34888
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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We have taken in my parents in law to give them better care

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We have taken in my parents in law to give them better care but they want to know we will not sell our house without their permission to ensure they are not willfully evicted how can we reassure them we will not but protect ourselves that they will not unreasonably withhold permission if we continue to care for them

Thank you for your question

My name is Clare

I shall do my best to help you but I need some further informtaion first

Have they made a financial contribution to your home?

Customer: replied 1 year ago.
Technically no but they are using the proceeds of the sale of their home as a inheretence gift to my wife that coincidentally matches the level of mortgage we have. This way they overcome taxes if they had invested directly.
Customer: replied 1 year ago.
Apologies for delay in replying, It was 3:30am when I had the thought to use this service so I'm now using my main iMac not iPad.
Customer: replied 1 year ago.
Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call. Let me know if you need more information, or send me the service offer(s) so we can proceed.

So they are essentially paying off your mortgage is that correct?

Customer: replied 1 year ago.
but in the form of the Inheritance gift allowance. Otherwise we have converted the garage and they have come having sold their house. Sue's mum (90) is just a little afraid we will suddenly sell and move again (can't see it myself given the current mess) so just wants some legal advice.A City friend said a simple timed agreement saying we would not move without their consent as long as they're in sound mind and do not unreasonably with-hold consent.Apart from that she is happy but obviously needs to see some form of discussion with you and not just my word for it (even though she heard the accountant and friends conversation). A different generation!

When you say "Inheritance Gift allowance" what exactly are you referring to?

Customer: replied 1 year ago.
Inheritance Gift allowance Is a tax-free £325,000 per person from the capital value of their estate. Thereafter gifts are taxed at 40%. Between Sue's parents they are gifting her some money, coincidentally the same as our mortgage.We were going to downsize and pay-off the mortgage but her father had a stroke and at 90 mum could not cope hence change of plan and convert garage, bring them in and payoff the mortgage by way of an inheretence gift.

Which part of the UK are you in?

What is the Total value of your in law's assets?

Customer: replied 1 year ago.
Surrey and I haven't a clue as to their total value, how is the latter relevant?

Because there is no "Inheritance gift allowance" at all

The figure you are referring to tis the nil rate Inheritance Tax band - and if their Estate is worth more than that then Inheritance is payable - and the Estate would still include the money given to your wife as it is a "gift with reservation of benefit" - as in they will be living in your property.

This is NOT necessarily a way of avoiding the money being counted as part of the Estate in the long term.

It has the potential to be so - but only if they do not live with you full time and there is no actual requirement on you to give them a home.

Essentially then the reassurance they are looking for is what will ensure that the arrangement - which frankly has little chance of succeeding at best - fails completely.

However if you do still intend to go ahead then a simple agreement confirming that you will gove at least a year's notice if you intend to sell the property is the best that is achievable

Please ask if you need further details

Clare and other Law Specialists are ready to help you
Customer: replied 1 year ago.
No more questions as this provides what she and my wife need.Thank you for your advice I will give them to my wife now. Best regards