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selling nil cosidered property
barcourt
Posts: 1 Newbie
Hello... Can you advise please...In sept 2003 my parents gifted me and my wife their (now my) only house worth £80k (now £200k)for a nil consideration with 2 insolvency law clauses..1\bankruptcy..2\ care home provisions should any of these events occur a court could overule the transfer..... .My questions are .....1\ When can I sell the property ie need I wait the 5 years for the clauses to become void?....2\What taxes will I incur on sale?....3\ Do I or my solicitor need to inform my parents of impending sale due to clauses above?
Many Thanks
Roy
Many Thanks
Roy
0
Comments
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I think we need a bit more information on the clauses. What did they provide for? Were they based on your bankruptcy or your parents?
Do your parents still live in the property?
Why do you think the clauses might be void after 5 years?Warning ..... I'm a peri-menopausal axe-wielding maniac
0
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