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Advice needed on buying a house outright.
Miowmixed1976
Posts: 3 Newbie
My father wants to buy a property outright for me and my family.
We live in scotland and my father lives in england.
He is looking to give me the money to buy a house.
It will be around 200,000
Im looking for any advice as i don't know where to start.
I am not sure if its even possible"legally etc".
Is it classed as a gift?is it subject to stamp duty?
Im really not well up on it and feel a bit lost to be honest.
Hope someone can help or at least point me in the right direction.
Also to add do i need to speak to a solicitor in regards to advice?
We live in scotland and my father lives in england.
He is looking to give me the money to buy a house.
It will be around 200,000
Im looking for any advice as i don't know where to start.
I am not sure if its even possible"legally etc".
Is it classed as a gift?is it subject to stamp duty?
Im really not well up on it and feel a bit lost to be honest.
Hope someone can help or at least point me in the right direction.
Also to add do i need to speak to a solicitor in regards to advice?
0
Comments
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Yes, it's eminently legally possible for him to buy a house and give it to you - or give you the money to buy it for yourself.
Yes, it would be a gift.
Yes, SDLT will be payable on the purchase.
You will need a solicitor for the legalities of the purchase, but the gifted funds will not be an issue, assuming he can prove they are legitimate funds.
If he dies within 7yrs of the gift, the value will taper off for IHT purposes. If he needs residential care, and claims he needs local authority funding because of lack of assets, it may well be deemed deprivation of assets.0 -
Miowmixed1976 wrote: »He is looking to give me the money to buy a house.
It will be around 200,000
Im looking for any advice as i don't know where to start.
Presumably it be a gift with absolutely no strings attached. (i.e. Nothing to stop you selling after 6 months and heading off to Las Vegas with the proceeds - apart from your morality.)
Or will your father want some kind of legally enforceable mechanism to stop you selling the house on a whim, for example?0 -
Pure gift for me and my family.0
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Why would it not be legal?
* he gives you a (cash) gift.
* you buy a property
Things to consider:
* his gift would be included in his Estate for Inheritance Tax if he should die within 7 years
* you'll be liable for stamp duty (or the Scottish equivellant) on your purchase - just like any oter property purchase0
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