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Question re Dad helping son buy house
SL7
Posts: 1 Newbie
Can anyone help on this one.
Just looking at the best way for dad to finance buying a house for his son.
Son's been working only 2 months self employed so can't give any proof of earnings and unlikely to find a mortgage.
House is £195k. Dad can gift deposit £50-£60k and arrange finance for the rest - his credit/income is fine for this but what's the best way to do it so there are no tax implications?
Can he simply buy the house and put the deeds in son's name who pays rent effectively which would be the mortgage repayment and when it comes to sell Capital Gains is avoided?
Any advice appreciated.
Just looking at the best way for dad to finance buying a house for his son.
Son's been working only 2 months self employed so can't give any proof of earnings and unlikely to find a mortgage.
House is £195k. Dad can gift deposit £50-£60k and arrange finance for the rest - his credit/income is fine for this but what's the best way to do it so there are no tax implications?
Can he simply buy the house and put the deeds in son's name who pays rent effectively which would be the mortgage repayment and when it comes to sell Capital Gains is avoided?
Any advice appreciated.
0
Comments
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The name on the deeds has to reflect the name on the mortgage.Everything that is supposed to be in heaven is already here on earth.
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Remortgage your property for the difference buy sons house outright, he can have deeds in his name.I all have learnt is from others on many sites.
Seek legal help if unsure.
Dont pay Private Parking tickets - they are mere invoices.
PRESS THANKS
}0
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