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Gifting a property
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supermassive
Posts: 464 Forumite
What are the ins and outs of gifting a property to someone?
And can the recipient then remortgage the property by 100% or thereabouts?
There's a situation afoot.
And can the recipient then remortgage the property by 100% or thereabouts?
There's a situation afoot.
I can't add up.
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Comments
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100% of what?Slummy mummy!0
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100% of the value... I'm unsure what other 100% there could be as I don't know about this kind of thing... hence the thread.I can't add up.0
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Is the recipient trying to avoid Capital Gains Tax?
Is the recipient not eligible for a mortgage?
I'm sure there could be more explainations, but the details are a bit sparse.0 -
There are no 100% mortgages for a purchase, without family involvement, so a 100% remortgage is an absolute non-starter.
Besides which, as in most cases, you'll have to own the property six months before you can remortgage with many lenders.I 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 -
supermassive wrote: »What are the ins and outs of gifting a property to someone?
Depend, in principle if they own it outright they can just give it away.
And can the recipient then remortgage the property by 100% or thereabouts?
No, no such thing as 100% mortgages these days.
There's a situation afoot.
THere are other issues for the giver like CGT assesment on full value, gift is a PET for IHT purposes or may have other IHT issues if over £325k.0 -
The property is very low value and would be used as the home of the (new) owner.
I think it's worth about 60k but hasn't been updated in over 50 years (in any way) and isn't in the best state of repair so will need substantial cash spending. The value of well kept houses in that area is about £140k.I can't add up.0 -
In which case, would a lender even consider it mortgageable?
Working bathroom and kitchen, bare minimum required.I 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 -
kingstreet wrote: »In which case, would a lender even consider it mortgageable?
Working bathroom and kitchen, bare minimum required.
Yes, everything works, it's just been working in exactly the same way (gradually deteriorating) for decades without any adjustment (other than the single glazed windows have occasionally been repaired.
It's livable if you don't mind an unrateable EPC and a cold bathroom.I can't add up.0
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