We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
Debate House Prices
In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non MoneySaving matters are no longer permitted. This includes wider debates about general house prices, the economy and politics. As a result, we have taken the decision to keep this board permanently closed, but it remains viewable for users who may find some useful information in it. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Remortgaging
MOLLSBELLS
Posts: 4 Newbie
Hello completely new to all of this but wanted so advice
My parents are going to transfer their house to me as i have quite a lot of debt thay have told me to remortgage to pay off debts etc. There is no current mortgage on the property does anyone have any advice ie can i actually do this or is it breaking the law. Or is there time limits before I can do this?? My parents are only 59 and 60
Thanks very much
My parents are going to transfer their house to me as i have quite a lot of debt thay have told me to remortgage to pay off debts etc. There is no current mortgage on the property does anyone have any advice ie can i actually do this or is it breaking the law. Or is there time limits before I can do this?? My parents are only 59 and 60
Thanks very much
0
Comments
-
Worth reading this.MOLLSBELLS wrote: »Hello completely new to all of this but wanted so advice
My parents are going to transfer their house to me as i have quite a lot of debt thay have told me to remortgage to pay off debts etc. There is no current mortgage on the property does anyone have any advice ie can i actually do this or is it breaking the law. Or is there time limits before I can do this?? My parents are only 59 and 60
Thanks very much
http://www.hmrc.gov.uk/inheritancetax/pass-money-property/pass-home-to-children.htm'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0 -
Can I Then Remortgage That Property Or Not Still Not Sure Thanks For Your Help Though0
-
MOLLSBELLS wrote: »Can I Then Remortgage That Property Or Not Still Not Sure Thanks For Your Help Though
As long as you can get a mortgage you would be able to re-mortgage it.
You would be best going to see a financial adviser.0 -
MOLLSBELLS wrote: »Can I Then Remortgage That Property Or Not Still Not Sure Thanks For Your Help Though
What is your income? What is the value of the house?0 -
mollsbells ..can you not try to pay off this debt instead of maybe putting your parents financial well being at risk....you need these good peoples advice
http://forums.moneysavingexpert.com/forumdisplay.html?f=76It is nice to see the value of your house going up'' Why ?
Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
If you are planning to upsize the new house will cost more.
If you are planning to downsize your new house will cost more than it should
If you are trying to buy your first house its almost impossible.0 -
MOLLSBELLS wrote: »Can I Then Remortgage That Property Or Not Still Not Sure Thanks For Your Help Though
If they pass it to you and it is valued at below IHT threshhold then:
They need to move out. or
Pay you a market rent, otherwise
The property will be subject to IHT.
If the property is over the IHT threshhold your parents would need to survive seven years for no tax to be due.
Once it is transferred, I cannot see why you would not be able to remortgage.
This does constitute advice, you should speak to a solicitor about this.'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0 -
If you want to do all this just to pay off debts (and the fact that the property is moving to your name is neither here nor there), then surely your parents could increase the mortgage in placeand gift you the money. (Usual IHT issues apply). This would save all sorts of complications and costs that may occur (solicitor fees, remortgage costs, etc)
R0 -
My parents have no mortgage on their property nor could they get one as thye are only in receipt of a small pension.
They would be below the IHT threhold so if the property was transferred to me and they were to stay there would they then have to pay me a market rent is that right?? totally confused now...0 -
Does anyone know as well if I am allowed a 2nd mortgage0
-
What is confusing about this?MOLLSBELLS wrote: »My parents have no mortgage on their property nor could they get one as thye are only in receipt of a small pension.
They would be below the IHT threhold so if the property was transferred to me and they were to stay there would they then have to pay me a market rent is that right?? totally confused now...
Gifts that you continue to benefit from. If you give your home to your children with conditions attached to it, or if you continue to benefit from the home yourself, this is known as a ‘gift with reservation of benefit’ and the gift won't be exempt from Inheritance Tax, even if you live for seven years afterwards.'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.3K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.3K Work, Benefits & Business
- 601.1K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards