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Buying Parents home
xopalx
Posts: 18 Forumite
Hi,
Hope someone can offer some advise,
My parents and I (Wife and Kids as well) live in 1 house which is owned by my parents.
It has no mortgage to pay.
We are looking at buying a new bigger house and remortgage the current one with a buy to let to release some money.
The problem is that my parents are close to 70 and can not get a good mortgage.
Is it possible for them to transfer to house into my name, so we can get a good mortgages for the current home and then use the amount we get from the mortgage company to pay towards the new home.
Are there any tax implications i need to be aware off.
Hope someone can offer some advise,
My parents and I (Wife and Kids as well) live in 1 house which is owned by my parents.
It has no mortgage to pay.
We are looking at buying a new bigger house and remortgage the current one with a buy to let to release some money.
The problem is that my parents are close to 70 and can not get a good mortgage.
Is it possible for them to transfer to house into my name, so we can get a good mortgages for the current home and then use the amount we get from the mortgage company to pay towards the new home.
Are there any tax implications i need to be aware off.
0
Comments
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Can anyone help?0
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I'm by no means an expert, they can transfer the house to you but unless you buy it for full market value, then the house will still be considered part of your parent's estate for the next 7 years under Inheritance Tax rules. If they require care or die (?) within that time then the house would be sold as if it's still part of their estate to pay for care and such.
I don't think there would be any tax implications but I'm not entirely sure. I'm sure someone with more knowledge on the subject would be along shortly.We’ve had to remove your signature. Please check the Forum Rules if you’re unsure why it’s been removed and, if still unsure, email forumteam@moneysavingexpert.com0 -
Inheritance Tax issues.
Deprivation of assets issues - possibly
Source of deposit/interest in property when not named on mortgage/deeds issues.
Something like this needs a lot of planning and professional advice.
Plenty of these threads, practically every day as a search would reveal;-
https://forums.moneysavingexpert.com/discussion/4727902
https://forums.moneysavingexpert.com/discussion/4718989
https://forums.moneysavingexpert.com/discussion/4700527
https://forums.moneysavingexpert.com/discussion/4638301I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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