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Giving parents money to buy house, and them to repay me once theirs is sold
Legacy_user
Posts: 0 Newbie
Situation:
Parents own house worth £300k
Want another house at £200k
The seller will not accept purchases that need to sell beforehand
Parents ask me to give them £200k and repay me it once their house is sold.
Any tax/legal complications here?
Parents own house worth £300k
Want another house at £200k
The seller will not accept purchases that need to sell beforehand
Parents ask me to give them £200k and repay me it once their house is sold.
Any tax/legal complications here?
0
Comments
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berbastrike wrote: »Parents ask me to give them £200k and repay me it once their house is sold.
Any tax/legal complications here?
Could be if you give it to them - not if you loan it.
Get a loan agreement legally drawn up, signed, etc.
Consider all the options - how long will it take your parents to sell, etc.0 -
I did a slight variation on this where my parents loaned me the cash to buy a flat outright (because of the market conditions being a cash buyer was a huge benefit to me), and then once we completed I immediately took out a mortgage for the sum of the loan and paid them back.
We had it all done in writing by a solicitor, no complications that he was aware of, all went very smoothly.0 -
Basically, your parents would like to borrow £200k for a bit.
That's all there is to this. Ignore their properties. Ignore the purchases.
Your parents would like to borrow £200k from you.0
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