Passing a percentage of a property over..

Mojisola

pjjafc wrote: »

Again. Where does it mention a "loan"? It doesn't.

I think you're getting confused.

You have 'loaned' the house owners £200k you have spent on their property.

If they now want to repay that 'debt' by giving you a percentage of the property, that's a simple transaction.

If you want to think of it as you have gifted them the £200k and now they want to give you a share of the house, there are all sorts of complications raised.

MyOnlyPost

pjjafc wrote: »

Basically we have been renting a property from our grandparents for 8 years and they'd be happy to hand us over 40% of the value of the property.

Is that even possible? Do you know what kind of agreement we'd need to get drawn up and what is even called!?

You have asked a reasonable question and the simple answer is yes it is possible.

Lots of people have raised issues that you don't seem interested in. They are trying to save you potentially thousands of pounds in taxes and fees. You should pay atention and if you don't understand the implications ask for clarification, rather than dismiss the advice.

pjjafc

Thanks for all your answers and yes I'm well aware of the gifts, loans, inheritance tax, capital gains tax and various other things you have so nicely pointed out, but that wasn't my question.


My question was around transferring 40% of a property to someone else. That's it, but as per the norm in here, the keyboard warrior crowd mentality takes over. This used to be a superb platform to ask a questions, but the whole "drrrr did you not know that" mentality kicks in.


Perhaps some of you with thousands of posts need to revaluate your lives.

Pixie5740

pjjafc wrote: »

Thanks for all your answers and yes I'm well aware of the gifts, loans, inheritance tax, capital gains tax and various other things you have so nicely pointed out, but that wasn't my question.

Your replies would suggest otherwise.

pjjafc wrote: »

My question was around transferring 40% of a property to someone else. That's it, but as per the norm in here, the keyboard warrior crowd mentality takes over. This used to be a superb platform to ask a questions, but the whole "drrrr did you not know that" mentality kicks in.

Is that the case or was it a case of people on a money saving forum trying to help you and your family save money.

pjjafc wrote: »

Perhaps some of you with thousands of posts need to revaluate your lives.

Talk about biting the hand that feeds. If people don't give up their time to share their knowledge and experience how do you think the forum would function? If every poster were like you, just posting your questions whilst never bothering to help anyone else, the forum wouldn't last very long. Perhaps someone who is just take, take, take is the one who should re-evaluate their lives.

xylophone

Talk about biting the hand that feeds

The OP has form...:eek:

https://forums.moneysavingexpert.com/discussion/comment/63760708#Comment_63760708

Thanks for the comment "newbie", who mentioned anything about a free ride? You clearly have read my previous posts so probably best you stay out.

https://forums.moneysavingexpert.com/discussion/comment/45798974#Comment_45798974

Still honestly cant believe you suggested leaving an 8mth old baby at home with relatives.

God help your your children if you have any or are planning to do so.

https://forums.moneysavingexpert.com/discussion/comment/67110810#Comment_67110810

This forum used to be a brilliant place offering help, but now is awash with trolls spouting bulls**t. My last post on MSE.

Perhaps it should have been...:)

kinger101

pjjafc wrote: »

Thanks for all your answers and yes I'm well aware of the gifts, loans, inheritance tax, capital gains tax and various other things you have so nicely pointed out, but that wasn't my question.


My question was around transferring 40% of a property to someone else. That's it, but as per the norm in here, the keyboard warrior crowd mentality takes over. This used to be a superb platform to ask a questions, but the whole "drrrr did you not know that" mentality kicks in.


Perhaps some of you with thousands of posts need to revaluate your lives.

If you are so aware of them, why did you and your family go about things in a way which maximizes the tax liability? Are you perhaps at charitable person?

G_M

pjjafc wrote: »

Perhaps some of you with thousands of posts need to revaluate your lives.

A good suggestion.

£325,221.

Previously 'valuated' at £329,232.

Sadly my life seems to be losing value, not sure why.....