Selling House to Sibblings

tilleylamp

My wife is 65 and I will shortly be 67.

We currently have our house on the market for £430k but have only had 2 viewings in the 10 weeks it has been on the market.
We think the estate agent overvalued the property and intend dropping the price by 30k.
Ideally we would like to downsize as we are not on a bus route and the garden is too big but we could always employ a gardener should the need arise

We have a small mortgage of £20k which isn't the motivation for moving.
We would be happy to ends up with circa £70k from the proceeds if we could sell plus paying off the mortgage and leave the remainder to our two children.

Alternatively as I have previously read on this forum, but can not find it at the moment someone suggested that we could sell the house to our children having obtained 3 x valuations.We would then need to pay our children the market rate monthly rental out of the money we would invest say £300k.

My only worry would be the consequences of either of the children getting divorced.

Advice required please

Annisele

Are you selling the house to your children or your siblings? (Post suggest one, title the other).

Are you wanting to stay in your house or not? First you suggest that you want to move because you're too far from a bus route, then that you'd stay in your house and pay your children a market rent.

Is your motivation to make a gift to your children? To avoid inheritance tax? To protect your assets if you need care? To move to a smaller house? To release equity? I'm afraid I'm struggling to be constructive as I'm not sure what you're aiming to do.

tilleylamp

Annisele wrote: »

Are you selling the house to your children or your siblings? (Post suggest one, title the other).

Are you wanting to stay in your house or not? First you suggest that you want to move because you're too far from a bus route, then that you'd stay in your house and pay your children a market rent.

Is your motivation to make a gift to your children? To avoid inheritance tax? To protect your assets if you need care? To move to a smaller house? To release equity? I'm afraid I'm struggling to be constructive as I'm not sure what you're aiming to do.

Apologies for the error as I should have entitled it ' Selling House to Children'.
Both our children financially reasonably placed having paid off their respective mortgages
If I can sell the house and down size I can help my children and my 2 sisters who have regrettably hit hard times and also secure a bit of a nest egg for my wife and I.

Should the house not sell on the open market then I could perhaps consider the option of selling it to my children

kingstreet

I'm with Annisele. I don't actually know what you want to know. Is there any mortgage needed for this?

CLAPTON

this is very unclear

do you or do you not want to stay in the property?

would either or both of your children and / or either of your two sisters want to move into the house