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Buying or transferring house from family member?
Gingerlindsey
Posts: 1 Newbie
My father in law, who is 82 has recently moved out of his home which he owned outright (valued at £60,000) and wanted to share the proceeds of the sale equally with his 3 children. My husband and I have decided to buy it with a view to renting it out on a long term basis by taking out a bigger mortgage on our current property to pay the £20,000 each, due to his sisters. I am at a loss as to the best way to do this? Is it just a case of transferring the deeds into my husbands name and giving his sisters the money or are the implications more complicated than this? I'd be very grateful for any advice. Many thanks in advance.
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Comments
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I'm sure more knowledgeable people will be along shortly but I'd start by reading up on deprivation of assets...0
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