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Buying flat for daughter
bermudaby
Posts: 6 Forumite
my daughter is moving back to the UK from abroad. I'm thinking of buying a flat for her, then when she sells her present property she'll give me the proceeds, get a mortgage and pay me back. Her mortgage will be less than 50% so I don't think that will be a particular problem. Can anyone see any tax implications in this scenario? Any info welcome. Thanks
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Comments
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Will you be buying the flat with a mortgage in your name first? Will you keep any interest in the property?
All I can see is two lots of buying costs. Why doesn't she just buy once she's here? Will she be employed by the same employers she's working for now (presuming not self employed), or does she need to job-hunt?
Would she get to see the property before moving back?
Jx2024 wins: *must start comping again!*0 -
She may find it hard to get a mortgage if she has no onshore residence or employment history.
As stated above there are two lot of transaction costs. Especially if stamp duty is involved she would probably find it cheaper to rent for a year and take her time to pick a property herself.0 -
Could it not be possible to buy it and then gift the property? One lot of buying costs and devoid from IHT if you live for another 7 years.
Only thing then is there is no obligation to pay you back unless something is drawn up seperately and possible against something else...but I could be wrong.0
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