Yes, joint plan. Alternatively, the apartment will be rented out if "something comes up."
Um....what does that mean? It can only mean that you still build the house even if the parents-in-law decide otherwise, right?
In my wife's family, people take care of each other more than is perhaps typical – home care etc.
Who exactly is "people"? Does that apply to the so-called "care and maintenance" or also real full-time care (your wife is a nurse)? Then your wife might possibly not work anymore and receive care allowance, which in my opinion would be absolutely right.
No, there are 2 daughters; the proceeds go into the apartment (or if the whole project doesn't work out, into a condominium in town) and care. This approach has been clarified and documented.
Would you please specify that and also WHAT and HOW exactly has been documented?
The granny flat is to be rented out and they contribute to the loan. (What would be more sensible? Charging rent and declaring it to the tax office or letting them live there rent-free?)
That is a bit too vague for me as well. Why should they contribute to the loan if the house belongs to you? How big/expensive is their apartment going to be? What is the difference between their own proceeds and their new apartment? Exactly this should also be borne/received by them. If they then still occasionally slip you some cash, that’s fine, but the matter itself must, in my opinion, be much clearer AND independently regulated. If their apartment is not more expensive than their proceeds, they shouldn’t pay rent — why should they? The fact that you nevertheless get something credited by the tax office is, in my opinion, your business; you have the advantage of higher equity for that.
I have siblings, one of whom doesn’t care about one part and the other is very eager about care/house.
Well...whether it’s morally questionable to be “eager” about that, I don’t know. If someone actually takes on the care/responsibility, then he can also have a big advantage. That’s also how I would see it for myself. Such things can’t be assessed in advance; it can be many beautiful, shared years but also long, difficult times. Nowadays, not many want to take that “risk” anymore, which is why I basically like the approach, but it’s too underdeveloped to me, and the focus prematurely goes to detailed decorative details in the house before binding arrangements about the responsibility/care have been made.
Yes, because it is a joint decision (made by the family)
Good, but which decision exactly? Where and how is it fixed? What securities do the parents have concerning residence and care?
Whether the parents-in-law pay rent or not – that’s still an open question.
...so you have arranged NOTHING about that!!!
That is still an open question whether it makes sense (versus the tax office); as far as I’m concerned, they don’t have to.
That is solely your problem or responsibility as the future homeowner. The tax office will count rent as income taxable for you (for which you also have equity, among other things). Will the parents be granted a right of residence in the land registry if they contribute their equity? Does the bank already know about the right of residence to be registered?
Care is arranged within the family.
Sorry...for the parents that ultimately means...blah blah...they might be helpless and need SECURITIES!!! when they hand over their possessions to someone; that applies without restriction to children as well. Maybe you just didn’t think about this so far, but YOU MUST arrange this BINDINGLY for the parents.
We’re not that far yet. (It is first about the question if the project is feasible)
If you put the second step before the first one, you stumble more often... The bank has already told you that “the project” works. Apparently, however, you haven’t considered and submitted all necessities there. You care about the house and the older generation about the care; BOTH must be clearly regulated. The bank wants securities; why shouldn’t their own parents get them?
Yes, because it is a joint decision (made by the family)
Again the question: WHICH one??? What does it concretely include? Who/When/How much/How long? And WHERE is it documented on paper AND later in the land registry?
I always like the basic idea very much – but I usually miss securities for those enabling such a project. That is too cursory for me here as well... on the house side it’s concrete down to the wallpaper.