sell my home to pensioner/retired parents

hmeah

I own my home, valved at 550-600k, i have 225k left on the mortgage.

My parents own a home, its valued at 450-500k, they have 30k remaining on their mortgage.

They are elderly and will look to live with me, im thinking to sell their place and let them buy my house, i wanted to know how best to do this and if possible to still keep my name in my house along with theirs.

Another thing im thinking is will the bank (halifax) give them money on their house (100k) to give me to bring down my mortgage?

I want the most tax efficient & simplified way to arrange this.

Thanks

Pixie5740

hmeah wrote: »

I own my home, valved at 550-600k, i have 225k left on the mortgage.

My parents own a home, its valued at 450-500k, they have 30k remaining on their mortgage.

They are elderly and will look to live with me, im thinking to sell their place and let them buy my house, i wanted to know how best to do this and if possible to still keep my name in my house along with theirs.

Another thing im thinking is will the bank (halifax) give them money on their house (100k) to give me to bring down my mortgage?

I want the most tax efficient & simplified way to arrange this.

Thanks

If your parents are selling their house why do you think Halifax, or any lender, would give them £100k secured against that property?

Your parents have over £400k of equity so they could easily give you enough money to clear your mortgage so the 3 of you own the property you live in outright. You could then own it as tenants in common or joint tenants depending on what suits your needs.

TadleyBaggie

Duplicate thread: https://forums.moneysavingexpert.com/discussion/5879571/sell-my-home-to-pensioner-retired-parents

getmore4less

There is missing information as muti generation IHT planning should be part of any plan.

The simplest approach as mentioned on the other thread.

They sell their house releasing £400k+

They buy a share of your house with the cash

Say just enough to pay off the mortgage around 35%-40% of your place which will leave then with £200k(ish) to spend.

You own the place together as that secures them a place to live.