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Homes
Comments
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understand what you are saying, but son needs somewhere to live, we have a small one/two bedroom house with garage and now with availability of a grant seems opportune to sell to him, but minimum cost - may as well have money now than in 20 years??0
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You can sell whatever you want to whoever you want for whatever price you want.not mortgaged, no planning issues, no issues with services, thank you. However, am I legally entitled to sell house for £1 to son? Thank you
Whether it will qualify for the grant you're talking about, or is otherwise a good idea, I don't know.
Your son should bear in mind that it will use up his first time buyer "virginity" (assuming he still has that), which he might prefer to save for a more expensive property.0 -
You can sell your house for whatever price you wish. Given that you are retaining the main house, it is doubtful this would be seen as deprivation of assets should you need care in the futureIf you are querying your Council Tax band would you please state whether you are in England, Scotland or Wales0
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You will be gifting him the value of the property (less £1), so there are Inheritace Tax implications.Any pitfalls please?
He'll lose his FTB status.
Please provide a link to the council's relevant web page for the grant.0 -
Possible CGT issue?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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The devil is in the detail...Grant given in this area by county council to spend on a newly purchased home
But I think it's a fairly safe bet that the local authority won't just wave money at every home purchaser, no matter how contrived the "purchase" from a closely connected party.
If house + land + outbuilding is worth £1m, and house + (some land) is worth £700k, then he's just given a £299,999 gift. That may well be deprivation of assets, and could certainly be IHT-worthy.lincroft1710 wrote: »You can sell your house for whatever price you wish. Given that you are retaining the main house, it is doubtful this would be seen as deprivation of assets should you need care in the future0 -
Yes, that's what I was thinking. Surely there's some clause in the LA grant criteria relating to contrived purchases? I can't help thinking it would fall foul somewhere.0
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Thank you all, appreciated0
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