Help/Mortgage Please

brocks22

Hi all,
I just need direction really,
my Mum is struggling house wise, well Mortgage wise really.
I have a financial investment in the house obviously returned when the house is sold. My problem is while my mum is now struggling with the remainder of the Mortgage. She has inquired ref selling the equity, which was a no go. So asked me to buy for a low price IE mortgage remainder plus a bit more to do her house up a bit.
My problem is whom should i get advice from, If i'm right and i buy the mortgage /house then i would incur tax on the sale of the house when i have to sell and that would impact on the amount i've invested in the property.
if you follow what i'm trying to say then please whom should i speak to, thank you in advance.

1} A solicitor
2] FA
3} Accountant.

YHM

Confused. So you initially gifted / loaned your mum some money to help with the purchase of the property?

Do you own another property? It sounds like you are referring to Capital Gains Tax.

getmore4less

Why do you think investing more changes the way your current investment gets taxed?

with such a vague description of the current arrangement and the problem is it is difficult to suggest options.


Some/all of this should have been covered when you took advice on the initial investment.

silvercar

You are already at risk of a CGT liability by being a part owner of a property that you don't live in.

I don't know if you are considering owning the property solely in your name or taking a further percentage of it. You do run the risk of a doubly whammy of inheritance tax and CGT, depending on a lot of variables.

At the end of the day this isn't just a business transaction, but your mum who needs some help.

brocks22

Hi all, thank you for input, My mum needed some help I had spare cash so gave the money, knowing I would get a return in the will. I then had to help out on the property after a fire, again not expecting a return just within the will eventually. However being disabled and not getting a great deal of help, she has asked me to buy the property at a vastly reduced price. To sum up if it was not my mum needing the help I would of walked long ago. Any more input is greatly received. TVM

Niv

You say you gave the money but you expect it back - that is a loan. How was that reflected when you 'gave' it to her? Is there any proof it is a loan is what I am getting at.


If it s a 'gentleman's agreement' then could you not simply buy the house at normal market rate? Your mum can then repay the 'gift' upon completion, meaning you are not out of pocket (but may have to be careful if she needs to go into care / passes within 7 (I think) years).

brocks22

Hi, yes I gave the money not expecting it back until the inevitable happens and the will is sorted. But now she is really struggling and the house could get repossessed you see, so whom out the 3 listed do I need to get face to face advice inorder to safeguard the house and my mums remaining years as point blank refuses to go to a home.

getmore4less

Do you live there?

What are the details of the mortgage(especially full term)




Up to know you don't seem to have anything invested in the property other than a hope you inherit something.

brocks22

This is the other problem, no I don!!!8217;t live there or close, she is embarrassed about her situation and alienated every one bar me, so not exactly sure of term, she wants me to buy the house/mortgage and live out her days with no stress.

getmore4less

Ask her the details of the mortgage amount, term, rate, payment, arrears, lender

Without those you can't move forward anyway as you have no idea if you can afford it.

silvercar

So there is a mortgage on the property, yet you are not on the mortgage but are a part owner of the house? That is unusual, if you are also named on the mortgage then you can get all the paperwork from the lender.