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No claim to gifted equity and can't reside in property upon completion
Comments
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IHT is only an issue for 7 years on outright gifts. By continuing to live in the property, the revenue may consider this a 'gift with reservation' and therefore the clock doesn't start. But IHT is only an issue if you have a large estate.ACG said:
I think (I could be wrong) IHT is only an issue for 7 years.Hellohello65 said:
@ACG - I understand you better now. I was unaware that me staying in the property would means that I am providing a gift with strings attached even though I am not expecting financial repayment. Moving out was going to be done a couple of months down the line as I was considering traveling to America to visit family. Daughter had issues with money in past which was isolated but I guess we will see how other lenders like her.
Her mortgage advisor has book a call to discuss another lender today.
I am under sure what disposing of assets mean or relation to care home fees? The sale is not being done to avoid IHT. Just to help my kid. I have limited understanding of IHT but know there are many tax considerations in a situation like this. The house is valued well below 325k and I don't really have anything else to my name
Thank you for the reply by the way. Really appreciate the time.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.1 -
This. Saved me a more detailed reply.amnblog said:Your Daughter is using the wrong Lender. Have her speak to a mortgage broker experienced in this area.
The majority of Lenders do not like it as it can cause issues if the mortgage is not subsequently paid.
Some Lenders are OK with it. We do these cases regularly.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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