Bridging loan? or something else?

Pixie5740

It's £1 + renovation costs + interest on bridging loan, not just £1.


If it become the OP's main home then there won't be any CGT to pay if/when they come to sell it.


There might be CGT for the relative to pay if this isn't there main home (which I'm assuming it's not since it's uninhabitable at the moment) even if they sell the property for a nominal sum of £1.

leap_of_faith

Family member does still live there (in 1 room) and it is their main "home" (don`t ask).

No Knotweed thank fully as family member knows a heck of a lot about plants etc (used to run a garden centre) ... prelim check (by structural engineer friend) shows no structural/drain issues etc.

Yes, we would "buy" it/be transfered into our name, and it would become our family home, we would sell the house we own now, and once renovated, the family member would live between us and where ever else they wandered (just likes to roam and explore).


I think 'LL' has the best idea, of trying to call in favours and get as much done with out the bridging loan, even if that is done on various loans/cards, so we can get it mortgageable, after seeing the state the school house was in (following the link) when a Mortgage was passed then there`s hope for us for sure this house isn`t listed either, so less hoops to jump through.

Thanks all for your help