Selling a house to daughter

outa51

The basics (all figures approx) -
Increased my mortgage to buy derelict property for £50k in 2009.
Worked at it slowly up to point I retired 2 yrs ago and put in my lump sum £50k to finish it off
House now valued at £200 (standard non-standard construction - timber so banks are not keen regard mortgage)
Selling to daughter and her husband but they can only afford £120k mortgage.

Issue is regard Cap Gains (cannot sell below street value) / specialist mortgage provider ( will only have family joint mortgage if we also live there ) won't accept legal charge .
Any advise / suggestions, tales of similar experiences all gratefully accepted

amnblog

Not sure what the problem is?

It is worth £200,000 but want just £120,000 out of it?

They can afford a £120,000 mortgage?

You don't live there?

All we need is a Lender that is comfortable with the property construction type?

Thrugelmir

Are you wanting to achieve the full £200k market value in selling the property?

outa51

Thanks for replies - happy with a payment of £120K but confused over the CG and protecting the difference (will wise)
At my age would probably see the difference (£80k) split between son and daughter as willed gift so I suppose I don't want to lose any claim to the difference.
Understand that CG would be on property value minus costs approx £200k - £100k.
I presume this would be payable from the £120k cash from daughter's mortgage so the chances are I wouldn't recoup my lump sum or the extra I put on my mortgage.
Am I understanding this about right / can I defer CG payment / can I protect the diff so that it falls to son/daughter
(First time user so not sure how to flag up Thank You - but appreciate your queries for clarification)

amnblog

These are taxation, not mortgage questions.

You are well advised to get one to one advice from a suitably qualified person before you do anything,

outa51

Dear amnblog - not sure how to click up a thank you so please take a credit thank you from myself.

Not so confused now have a direction to my queries
:-)