Buy house from parents?

Lady_Hamilton

typeractive wrote: »

Hi LH,

I would need to re read some of your points there for a greater understanding, though thanks for the reply. My great aunt lived there probably for around the last 10 years of her life - maybe a wee bit less.

Cheers

1. How long did your great aunt live there when it was owned by your parents?
This is going to be what your tax adviser will be able to use to hopefully get out of paying any CGT.
2. What was the market value of the house when it was transferred to your parents? (There would have been a value put on the house when it was transferred to your parents and the solicitor back then should be able to tell you.)

3. Then take that amount off the market value for the property now. CGT will be 18% of that figure, then your tax advisor will use the various loop holes etc to get you out of paying any (hopefully).:o

typeractive

Rockporkchop wrote: »

What do I know anyway - all I got left in the will was a £5200 funeral bill!!

Sorry to hear that. That's another thing my folks have covered! Grrr. It's like they're projecting their own life's and correcting for what they maybe didn't have - admirable in one sense but I'd rather them have some fun at least.

typeractive

Lady_Hamilton wrote: »

1. How long did your great aunt live there when it was owned by your parents?
This is going to be what your tax adviser will be able to use to hopefully get out of paying any CGT.
2. What was the market value of the house when it was transferred to your parents? (There would have been a value put on the house when it was transferred to your parents and the solicitor back then should be able to tell you.)

3. Then take that amount off the market value for the property now. CGT will be 18% of that figure, then your tax advisor will use the various loop holes etc to get you out of paying any (hopefully).:o

Thanks Lady H - I'll try andf get those answered by my folks when I get a mo, and report back.