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Bought mum's house, ex local authority.
Comments
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Leanne1812 wrote: »Well i'm sorry i'm not holier than thou!
If you'd had the opportunity to do the same would you have turned it down bearing in mind we were also helping my mum at the time? It certainly wasn't all about us making a profit.
No I would not.0 -
I'm no expert, but I think if you change the property into your name after the statutory 3 years, and then when you come to sell it, your going to have a capital gains impact as its not your Principle private residence......
If it was me, I'd be leaving it in mums name & she can move if she wants to or whatever and then hopefully she can leave it to you in her will. This way you have no capital gains and she has control of where & how she lives & you inherit as & when
That is an idea we have given thought to and probably will choose this route. Thanks for your advice.0 -
BitterAndTwisted wrote: »Is your solicitor correct about the three years ownership? It's my understanding that the discount has to be paid back in increments of 20% if the property is sold within 5 years of being purchased under the RTB
Positive, perhaps the law is different in Scotland.0
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