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Son wants to buy my house
janeybee_2
Posts: 10 Forumite
I have had an odd proposition from my youngest son.
When my partner died intestate, his children tried to evict me from our house even though I had been paying half the mortgage and house upkeep. The house was in his name as he was in the process of buying it when we first started going out together.
The result of going to court means that I have the house for my benefit for the rest of my life and then it reverts to his children.
My son would like to buy the house from them but in my name with the condition that I bequeath it to him in my will. I have no real problem with this in theory BUT wouldn't this leave him with an inheritance tax bill on a house he has already paid for?
There are personal reasons why it would be a good idea if it's not all in his name.
I've looked at the different consequences of joint tenancy and tenants in common but all the explanations assume the owners are man and wife or partners.
I would like to work out the best scenario to owning the house. I really would like to get away from my partners children as part of the court decision was that they are allowed to descend on me every 2 years to inspect the house.
When my partner died intestate, his children tried to evict me from our house even though I had been paying half the mortgage and house upkeep. The house was in his name as he was in the process of buying it when we first started going out together.
The result of going to court means that I have the house for my benefit for the rest of my life and then it reverts to his children.
My son would like to buy the house from them but in my name with the condition that I bequeath it to him in my will. I have no real problem with this in theory BUT wouldn't this leave him with an inheritance tax bill on a house he has already paid for?
There are personal reasons why it would be a good idea if it's not all in his name.
I've looked at the different consequences of joint tenancy and tenants in common but all the explanations assume the owners are man and wife or partners.
I would like to work out the best scenario to owning the house. I really would like to get away from my partners children as part of the court decision was that they are allowed to descend on me every 2 years to inspect the house.
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Comments
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what happens if your son buys the house for you ,and then you go into a nursing home .As the house would be yours it would be sold to keep you in a home ,"Do not regret growing older, it's a privilege denied to many"0
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That was another of my concerns, which is why I think that some form of joint ownership or trust agreement would be better. He wants it as a part of his pension arrangements.0
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You know that the first £325,000 is free of inheritance tax?No reliance should be placed on the above! Absolutely none, do you hear?0
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facts always help
how much is the house worth?
how much would your estate be worth (without the house)?
is a mortgage required to buy the house?0 -
Facts do help, yes...
...but at the same time, the reason many of us come here is to seek help & the reason we need help is because we're not all-knowing in the area we need help with. Which means we don't know what information to provide straight away to get the help we need.
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Nine_Lives wrote: »Facts do help, yes...
...but at the same time, the reason many of us come here is to seek help & the reason we need help is because we're not all-knowing in the area we need help with. Which means we don't know what information to provide straight away to get the help we need.
bizarre..............0 -
how much is the house worth?
At the moment about £230k, but not in good condition. We want to keep the value low until negotiations with step-children are over.
About £100k, but I'm not looking to shuffle off this mortal coil yethow much would your estate be worth (without the house)?
. I also own 50% of a business. Stock value approx £10k
No. And there's no mortgage on it now (I paid it off when my partner died).is a mortgage required to buy the house?
I also own half of another house, but I don't know where I stand with that. It was bought for myself and my sister-in-law by my ex-husband and brother-in-law as insurance for our future. B-I-L lives in it and S-i-L died last year.0 -
It doesn't sound like inheritance tax will be much of a problem, then.
You say: "My son would like to buy the house from them but in my name with the condition that I bequeath it to him in my will."
First, he obviously will pay only a fraction of the house value, as you have the right to live their rent free. How will he decide what fraction to offer?
Second, in principle, this is a transaction that need not involve you at all. At the moment, the reversionary interest in the house is owned by your partner's children. They can sell their interest to your son, or to you, and of course nobody can force them to sell at all. What do you mean by "My son would like to buy the house from them but in my name", and why does he want to do it that way? I can see capital gains tax advantages in that, but many disadvantages.No reliance should be placed on the above! Absolutely none, do you hear?0 -
can you confirm that neither your son nor you will need to get a mortgage to buy the house from the owners?0
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We need no mortgage.0
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