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Buying daughter's house below market value.
Comments
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Spin this around and assume it his parents doing this and he would continue to live there, how would you feel about this towards your Daughter?
Which I assume will go the Daughter in the future and ex-husband £0
Well, exactly. I am a bit shocked that anyone here is concerned about the daughter. The family, as a unit, is gaining £80K of assets for £50K. It's the husband who is losing out by £30K.
One can generally assume that the parents' gain is also the daughter's gain.0 -
fittoretire wrote: »Our daughter’s marriage has irrevocably broken down.
Their house (current value £160000) is held in joint ownership.
Her husband and she have agreed to sell the house to us for £100000 for a quick resolution, instead of placing the house on the open market, so she can continue to live in it.
Any legal pitfalls?
I do not see any problems with this, as long as they own the property outright with no mortgage, your buying it with cash from your own savings and your giving the soon to be Ex husand £80,000.0 -
Make your daughter a gift of £80,000 so that she can buy out her ex husband at fair market value?
This would be a PET as far as your estates are concerned - keep a record for IHT purposes.0 -
I bought my first house below market value.
When my Dad became terminally ill he sold me the house for £37k when the market value was £39k. This had a few benefits ...
1. I was newly married and was looking to buy a home anyway
2. We could all stay in the "family" home so my Dad wouldn't have to find somewhere else
3. The major element of my dad's estate was converted into cash, thus making future execution of his will easier to manage
(My 2 brothers were aware of this, and agreed to it. Indeed my younger brother was living with us).
Not quite the OP's situation, but it shows it can (and does) happen.
PS - from the values you'll gather this was a long time ago.
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