Buying house from parents - tax?

MONK£Y

Hi,

I am buying a derelict house from my parents - we want to do this:

Can they put the house in my name somehow without any money changing hands- gift?
To enable me to get a renovation mortgage on the house, without having to layout for the purchase cost too.
Once it is liveable - I get a residential mortgage and then give parents money for house - would this also have tax implications?

Many Thanks

Monk£y

CLAPTON

when your parent 'dispose' of the property they will be liable to CGT based on the actual value of the property... it doesn't matter if they sell it to you or give it to you.
You have no liability for tax as such except the usual caveats about IHT if they die within 7 years.

The transfer of ownership can be done via the land registry

You can give them money later if you wish