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Buying Parent's Home
ratixis
Posts: 2 Newbie
Hi all,
Hoping for a bit of advice really. I want to buy my parent's home at full market value. In the area we live in and for the size of the home, it has been valued at roughly £87,500, and we've applied for a mortgage of the same - accepted at the preliminary stages. They want to sell up in order to move further North.
Would this cause any problems? Are there any extra hoops to jump through? They've owned the house since late 1982 and it's been their only house - I told them outright that I wanted to buy it. There may be some complications because my wife and I live in here now, but because she is now pregnant they have decided that the time is right to move on.
Any help would be appreciated!
Hoping for a bit of advice really. I want to buy my parent's home at full market value. In the area we live in and for the size of the home, it has been valued at roughly £87,500, and we've applied for a mortgage of the same - accepted at the preliminary stages. They want to sell up in order to move further North.
Would this cause any problems? Are there any extra hoops to jump through? They've owned the house since late 1982 and it's been their only house - I told them outright that I wanted to buy it. There may be some complications because my wife and I live in here now, but because she is now pregnant they have decided that the time is right to move on.
Any help would be appreciated!
0
Comments
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no there are no extra complications as it is their main home
make sure you have a good audit trail evidencing that it is truly the market value you are buying at so as to avoid any potential issues over gifted deposits and so possible exposure to inheritance tax, although if 87k is really its value then i doubt IHT is an issue for your parents unless they have £100's k stashed away somewhere else0 -
As 00ec25 said, no implications as your are purchasing at full value. Make sure that you keep copies of the valuations justin car.0
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Ah brilliant, thanks for the help. It's what we thought, but all this talk of IHC and CGT was all a bit scary and over my head, and I was frankly a little surprised it might affect me at all because we're buying at full value, so it's good to know that no-one will be effected detrimentally.
Many thanks!0
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