Right To Buy Help Needed

Papermonkey

Hello

I am eligible for the right to buy the council bungalow i currently live in. I am on
disability benefits and have lived in this property alone for the last 5
years. My brother is in a position to buy the property out right for me
without the need for a mortgage but I would be the only owner not himself. Would he
need to pay any substantial tax if he bought the property out right for
me? I would be the sole and only owner of the property. The
value of the right to buy property is around 100k before any
government deduction. It will be around 60-70k with deduction.

Hoping you can advise me on this matter.

Thanks

DullGreyGuy

So he is gifting you the money and you are buying the property.

Papermonkey

Yes he is

DullGreyGuy said:

So he is gifting you the money and you are buying the property.

DullGreyGuy

He wouldnt pay any tax for giving you a gift

If he were to die within 7 years of giving it to you then inheritance tax is a bit more complex for his estate

Others would need to advise on any impact on benefits you may receive for having this gift and/or the subsequent asset of the property.

Papermonkey

Sorry

He is gifting me the money and i would buy it. but i am not sure if this will effect my benefits. I am on ESA and PIP. Thanks

diggingdude

Might be worth posting on the benefits board as well for advice on the impact on your benefits. 

MovingForwards

Same as when you asked before:
https://forums.moneysavingexpert.com/discussion/5953791/brother-gifting-property-to-younger-disabled-brother-no-mortgage/p1

Papermonkey

ok thats very helpful thankyou for your advice

Papermonkey

MovingForwards said:

Same as when you asked before:
https://forums.moneysavingexpert.com/discussion/5953791/brother-gifting-property-to-younger-disabled-brother-no-mortgage/p1

Yes I have posted about the technicalities of buying a place on this forum going back a few years but nothing was finalised and the laws change. This is slightly different circumstances this time.

london21

Looking at the previous responses you have some good helpful responses, would not have much to add but say you have generous brother if it is the case, he pays for the propety and you own it 100%.

elsien

So has he got the money to give you outright?