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Buying The parents House
paramedic1961
Posts: 4 Newbie
Hi All.
This is my first post so hope someone can help me.
My parents who are in there mis 70`s want to sign the house over to Myself with no money exchanging handsetc.
They will still live there rent free.
Whats the easiest way to do this correctly?
Thanks
Chris
This is my first post so hope someone can help me.
My parents who are in there mis 70`s want to sign the house over to Myself with no money exchanging handsetc.
They will still live there rent free.
Whats the easiest way to do this correctly?
Thanks
Chris
0
Comments
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If they live there and this is part of the deal, then it is not a gift without reservation, so no exemption from Inheritance tax. AIUI.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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Also, it would be seen as deprivation of assets if public funded care is needed in the future. Sorry.This is an open forum, anyone can post and I just did !0
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So what if they pay rent to me0
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Thanks for tthe replys
What if i go to a solicitors and they sell me the house for £10 and have all the bills put in my name?
There is no inheritance tax issues or Care home issues.0 -
paramedic1961 wrote: »Thanks for tthe replys
What if i go to a solicitors and they sell me the house for £10 and have all the bills put in my name?
There is no inheritance tax issues or Care home issues.
You cant really say there are no care home issues.
You really cant see into the future.
Alzheimers/cancer etc can strike at any time,make the most of it, we are only here for the weekend.
and we will never, ever return.0 -
Best if i see a solicitor Thanks anyway.0
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paramedic1961 wrote: »Best if i see a solicitor Thanks anyway.
yes, best to get advice from some-one whom you're willing to give the facts to.0 -
I remember a neighbour doing a similar thing, first point was to get a solicitor to make sure everything was overboard. Then they had to get atleast 3 different estate agents to give quotes on the house market value. Something about transfer of title deeds and the money was put into trust for the grandchild. I remember them saying that if either or both grandparents later were to go into a care home etc the parent would then contribute to the fees as set out in the legal apapers.0
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paramedic1961 wrote: »What if i go to a solicitors and they sell me the house for £10
When you come to sell the property then £10 would be the purchase price.
So the net sale proceeds above this would be subject to capital gains tax.0 -
Thrugelmir wrote: »When you come to sell the property then £10 would be the purchase price.
So the net sale proceeds above this would be subject to capital gains tax.
No, as the gift would be at an undervalue, the market price at the date of the gift would be used when calculating capital gains.0
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