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Tax implications on second property
Comments
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Can I ask another question? I've only just thought of it. If I arrange a private mortgage, what would happen if either of us went into a nursing home? Would the outstanding debt be considered as part of our estate? I expect it would. So could child end up losing the property even though it is in their name? I hope it will never come to a care home scenario, I'd rather jump of a mountain but unfortunately things aren't always so clear cut. Could I gift them a percentage of the property so that they would be able to keep part of it?
???????? :huh:
If you set up a private mortgage you lend your daughter the money to buy the property therefore the deeds are in her name and you register a charge against the property. You wouldn't own the property.0 -
Ok thanks, I've worded that badly. What I meant was could I gift her a percentage of the property and agree a private mortgage on the rest of it?0
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You could. That gift could be considered deprivation of assets though in terms of funding care in later years. If you're really concerned about estate planning then this is when you need to seek professional advice from an account who does estate planning.0
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He is ignored! I'm really looking a buying a home not an investment so price crash or not it doesn't make much difference unless you want to sell. If a crash is looming then I think having secure,cost free accommodation can only be a blessing. If a crash results in unemployment then at least there's no rent/mortgage to worry about.
OOec25 - fraud? I wouldn't want to commit fraud! I had no idea, as I said previously, I'm not used to this complicated stuff. Thank you for mentioning that, I'm not planning on spending my retirement as a guest of her majesty.
The cost is in the 100k or so saving you will have lost by buying into a crash though, assuming say a 25% drop, property isn`t an invisible cloak that makes you immune to the realities of economics I`m afraid, far better to be cash rich if unemployment strikes as well IMO. The whole point of large savings is just what you said, you don`t have to worry about costs like rent/mortgage (unless interest rates really start to climb) Throwing savings into a property crash just removes the protection of a cash cushion.0
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