Myself and my wife are currently living in her parents house paying them rent. They've agreed to sell the house to us. There's no mortgage on the property. The price agreed is just under market value, I'm not totally sure of current market value but I think it's just a little over what we've agreed.
The advice I'm looking for is what tax if any will my in-laws be liable for? Will myself and my wife be liable for any tax as it's a transaction between family? I understand that the stamp duty we pay will be based on the market value rather than the price we pay.
The advice I'm looking for is what tax if any will my in-laws be liable for? Will myself and my wife be liable for any tax as it's a transaction between family? I understand that the stamp duty we pay will be based on the market value rather than the price we pay.