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Property Gift advice
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gbee_2
Posts: 11 Forumite
in Cutting tax
I am a completly and utterly new to this! Am looking for advice as am a dead end.
I have been 'given' a house, absolutely run down and requiring a good £15k to do it up. This is a problem in itself. However, there are also debts on the house regarding water/gas bills etc. (These were not caused by myself or family but a letting agent who we trusted to look after the property but actually abused it instead. Court action against him has resulted in zilch.)
I am the daughter who is taking over the house and was wondering if anyone had any ideas about the following:
can I create a business name and change the name on the title deeds. Can this name be solely used for the house reason only?
If i did so, would this avoid the issue of me being lumbered with the debts on the house?
Will it also avoid inheritance/CGT?
Is it illegal???
It has no mortgage and is a freehold property.
Any comments will be taken - but I am truly confused and absolutely ALONE in this and am desperate for some help.
I have been 'given' a house, absolutely run down and requiring a good £15k to do it up. This is a problem in itself. However, there are also debts on the house regarding water/gas bills etc. (These were not caused by myself or family but a letting agent who we trusted to look after the property but actually abused it instead. Court action against him has resulted in zilch.)
I am the daughter who is taking over the house and was wondering if anyone had any ideas about the following:
can I create a business name and change the name on the title deeds. Can this name be solely used for the house reason only?
If i did so, would this avoid the issue of me being lumbered with the debts on the house?
Will it also avoid inheritance/CGT?
Is it illegal???
It has no mortgage and is a freehold property.
Any comments will be taken - but I am truly confused and absolutely ALONE in this and am desperate for some help.
Old Faithful we roam the range together,
Old Faithful in any kind of weather,
When the round up days are over,
And the Boulevard’s white with clover,
For you old faithful pal of mine.
Giddy up old fella cos the moon is yellow tonight,
Giddy up old fella cos the moon is mellow and bright,
There’s a coyote crying at the moon above,
Carry me back to the one I love,
And you old faithful pal of mine.
Old Faithful in any kind of weather,
When the round up days are over,
And the Boulevard’s white with clover,
For you old faithful pal of mine.
Giddy up old fella cos the moon is yellow tonight,
Giddy up old fella cos the moon is mellow and bright,
There’s a coyote crying at the moon above,
Carry me back to the one I love,
And you old faithful pal of mine.
0
Comments
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Some more facts..so here goes:
How about who owns the prop?
At present the property belongs to parents in joint names. There is no mortgage outstanding but endowment 'charges'/'fees'/whaterever proper term is, is still being paid. AS far as we are aware the endowment is on track and is due 2011.
how long they've owned?
Had the property since 1988. It is a semi commercial property and was run as a shop for while until business failed. At that point the house was rented (top half, non-commercial bit) A letting agent was introduced after a tenant abused the property. Then the letting agent abused the property. Abuse occured due to the distance we were from the property thus poor management. House has now been empty for the past 10 years!
Value? Well if it was renovated the property would have a value in the region of £100k - £120k. Right now, who knows - it is dire and would probably have to be sold at a loss and on auction. I do know that neighbours all still own their property but have made them into rentable properties for the past 7 yrs or so. I also know that one neighbour sold upstairs portion of house under leasehold for £113k. So thats the value.
when they intend to transfer ownership to you?
Well as soon as possible. Both have sort of washed their hands of it and are pretty much saying 'have this, make something of it, dont knock a gift horse in the mouth!' furthermore, it is to be shared with all 'offspring' (of which = 4) but for the meantime, its up for grabs by me.
Hope this makes the situation clearer.
Thank you for the last 2 replies. I dont want to give up this oppurtunity, so again I am extremely grateful for any comments.Old Faithful we roam the range together,
Old Faithful in any kind of weather,
When the round up days are over,
And the Boulevard’s white with clover,
For you old faithful pal of mine.
Giddy up old fella cos the moon is yellow tonight,
Giddy up old fella cos the moon is mellow and bright,
There’s a coyote crying at the moon above,
Carry me back to the one I love,
And you old faithful pal of mine.0 -
Has someone replied to this and then deleted their answers or have you posted it on more than one board?
Answered my own question, found the other thread.0
This discussion has been closed.
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