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  • FIRST POST
    • hmeah
    • By hmeah 8th Aug 18, 11:15 PM
    • 7Posts
    • 0Thanks
    hmeah
    sell my home to pensioner/retired parents
    • #1
    • 8th Aug 18, 11:15 PM
    sell my home to pensioner/retired parents 8th Aug 18 at 11:15 PM
    I own my home, valved at 550-600k, i have 225k left on the mortgage.

    My parents own a home, its valued at 450-500k, they have 30k remaining on their mortgage.

    They are elderly and will look to live with me, im thinking to sell their place and let them buy my house, i wanted to know how best to do this and if possible to still keep my name in my house along with theirs.

    Another thing im thinking is will the bank (halifax) give them money on their house (100k) to give me to bring down my mortgage?

    I want the most tax efficient & simplified way to arrange this.

    Thanks
Page 1
    • Pixie5740
    • By Pixie5740 9th Aug 18, 8:14 AM
    • 13,135 Posts
    • 18,907 Thanks
    Pixie5740
    • #2
    • 9th Aug 18, 8:14 AM
    • #2
    • 9th Aug 18, 8:14 AM
    I own my home, valved at 550-600k, i have 225k left on the mortgage.

    My parents own a home, its valued at 450-500k, they have 30k remaining on their mortgage.

    They are elderly and will look to live with me, im thinking to sell their place and let them buy my house, i wanted to know how best to do this and if possible to still keep my name in my house along with theirs.

    Another thing im thinking is will the bank (halifax) give them money on their house (100k) to give me to bring down my mortgage?

    I want the most tax efficient & simplified way to arrange this.

    Thanks
    Originally posted by hmeah
    If your parents are selling their house why do you think Halifax, or any lender, would give them 100k secured against that property?

    Your parents have over 400k of equity so they could easily give you enough money to clear your mortgage so the 3 of you own the property you live in outright. You could then own it as tenants in common or joint tenants depending on what suits your needs.
    • TadleyBaggie
    • By TadleyBaggie 9th Aug 18, 9:22 AM
    • 2,918 Posts
    • 2,223 Thanks
    TadleyBaggie
    • #3
    • 9th Aug 18, 9:22 AM
    • #3
    • 9th Aug 18, 9:22 AM
    Duplicate thread: https://forums.moneysavingexpert.com/showthread.php?t=5879571
    • getmore4less
    • By getmore4less 9th Aug 18, 9:40 AM
    • 33,267 Posts
    • 20,089 Thanks
    getmore4less
    • #4
    • 9th Aug 18, 9:40 AM
    • #4
    • 9th Aug 18, 9:40 AM
    There is missing information as muti generation IHT planning should be part of any plan.

    The simplest approach as mentioned on the other thread.

    They sell their house releasing 400k+

    They buy a share of your house with the cash

    Say just enough to pay off the mortgage around 35%-40% of your place which will leave then with 200k(ish) to spend.

    You own the place together as that secures them a place to live.
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