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Buying house from parents

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Comments

  • hazyjo
    hazyjo Posts: 15,475 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Is it currently empty?
    2024 wins: *must start comping again!*
  • Mojisola
    Mojisola Posts: 35,571 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    smcg2011 wrote: »
    But as the property is quiet old and would need a lot of work it wouldn’t make sense for us to pay today’s values either.

    Today's value would take account of the property's age and condition.
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
    10,000 Posts Fifth Anniversary Name Dropper Photogenic
    Indeed, could work out badly if they sold it at 2004 prices, because CGT based on today's prices could be more than they would get for it
  • Korra
    Korra Posts: 71 Forumite
    Fourth Anniversary
    According to one of your previous threads, you inherited a £200k house. You already are in the property market so this makes no sense for your partners parents since they need money.
    [STRIKE]2016: Hopefully be a FTB :)[/STRIKE]Complete 27.10.2016 :j:T
  • Tom99
    Tom99 Posts: 5,371 Forumite
    1,000 Posts Second Anniversary
    Since it is in poor repair make sure you have an RICS open market valuation as that is what CGT will be based on. Are you going to pay the CGT? Otherwise parents will get less than they paid for it. Is it held in parents joint names so 2 lots of CGT allowance?
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