i want to help my dad buy a new home, but it has the be a 2nd home...

wiggle1

Complex - can someone help please?
My father is 80 years old with an interest only mortgage of just £35k living in a former council estate. I am looking to help him move and have found a property in a "country park", but the catch is that it has to be a "2nd home".
The likely sale price of his current home will match that of the new home, so ideally we want to keep his outgoings the same (plus additional site fees for the country park).
How can we sell his current home, whilst still having a 2nd home?
I could purchase the home myself, but then I'll be taxed at the rate for a 2nd home too. and I dont know the legal implications of doing this?
Any advise welcome

Typhoon2000

Normally this means you need to have a residential address elsewhere and occupation of the new place if it is in a Holiday park may be limited to say 48weeks a year. Normally there is no stamp duty payable on such park homes ( as you are not normally buying any land).

wiggle1

Thanks for the quick response - I'll investigate if SD applies, I'd assumed it would have... The property can be lived in 52 weeks a year.
So if there is no SD I could be listed on the deeds / mortgage and so qualify for 2nd home?
Assuming this is legal
Ta

payless

Could it be that your dad's main residential home happens to be at your address ?

Mojisola

wiggle1 wrote: »

Complex - can someone help please?
My father is 80 years old with an interest only mortgage of just £35k living in a former council estate. I am looking to help him move and have found a property in a "country park"

I suppose you have both thought this through but a house close to amenities - shops, doctors, somewhere to socialise - is often better when you get older.

wiggle1

Thanks - does that mean he'd have to be on our mortgage or deeds?

wiggle1

Cheers - we have discussed it - this would actually give him more access to people/community than he currently experiences, but shops would be a little further.

Typhoon2000

If the stipulation is that this should be a second home, it means he should have a residential address elsewhere ( not that he should own or have a mortgage on another home). It probably also means that park does not have a residential licence form the council and hat the lodges should be used as Holiday homes.

wiggle1

OK - just checked with the park resort and Stamp Duty IS applicable - so 5%! :-(