Hi All
We built our house 3 years ago on a site that was a gift from my father. We're now finding it increasingly difficult to pay mortgage. Planning permission condition says we can't sell for 10 years and in all honesty my father would probably be unimpressed with selling his "gift". My solution to the problem is for my father to sell his house (which is just next door) and pay off the mortgage on our house, and then he and my mother move into our house. We would like to move to the west, where house prices are cheaper. The outstanding balance on our mortage is €189,500 and my father's house would be worth about €350,000 - €400,000. So, the idea is he could sell his house, pay off our mortgage, keep say, €50K himself for his trouble and give us the remaining €100K to start again somewhere else. Can this be done, legally, and if so, would we and/or he get clobbered with inheritance/property/capital gains taxes?
We built our house 3 years ago on a site that was a gift from my father. We're now finding it increasingly difficult to pay mortgage. Planning permission condition says we can't sell for 10 years and in all honesty my father would probably be unimpressed with selling his "gift". My solution to the problem is for my father to sell his house (which is just next door) and pay off the mortgage on our house, and then he and my mother move into our house. We would like to move to the west, where house prices are cheaper. The outstanding balance on our mortage is €189,500 and my father's house would be worth about €350,000 - €400,000. So, the idea is he could sell his house, pay off our mortgage, keep say, €50K himself for his trouble and give us the remaining €100K to start again somewhere else. Can this be done, legally, and if so, would we and/or he get clobbered with inheritance/property/capital gains taxes?