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Want to buy sisters flat below market price
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It will make it easier (and cheaper?) if your sister has no mortgage and is holding the original lease.
There are still Inheritance Tax issues to consider although these will principally be your sister's concern. She should take specialist tax advice on this if necessary. If she does live another 7 years after selling the house to you then Inheritance Tax no longer becomes an issue.
Insolvency Act Indemnity Insurance is going to be needed although it appears from what you say that your sister is not going to become insolvent as a result of the sale.
Capital Gains Tax is an issue for you as you are buying the flat at a low price with the intention of doing it up, selling it and making a profit. You will have the benefit of your annual allowance and there may be other ways of reducing any potential tax bill. Again, you should take tax advice on this point if needed although the Revenue's website has plenty of information on CGT.
RiskAdverse1000
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