N
NOTSOSURE
Guest
I have a scenario which i was wondering if anyone has come across or if there is somthing I am missing.
My parents are going to sell there house and build next door, they have obtained planning permission. I am looking into buying it and we are thinking of the following
1) House worth around 850k
2) Parents said they will sell for 800k to a family member
3) will finance this by paying them 700k now and 100k in the future 7-8 years
4) Planning on paying the stamp duty on 635k at 3.7% (Family Relief) and having a seperate contents agreement for the other 65k (Total 700k).
My questions are
1) What proof will I need to to get stamp duty on the 635k. We are palnning to take a mortage of 570k and pay cash of 130k (From sale of our existing house).
2) Would it be better for the parents to say they are giving me a gift of 440k of the house and the rest will be paid in cash, hense stamp duty will be on €800-440 = 360k.
3) is there anything else I should consider, apart from CAT in relation to the 100k in 7-8 years.
Any opinions would be greatly appreciated
My parents are going to sell there house and build next door, they have obtained planning permission. I am looking into buying it and we are thinking of the following
1) House worth around 850k
2) Parents said they will sell for 800k to a family member
3) will finance this by paying them 700k now and 100k in the future 7-8 years
4) Planning on paying the stamp duty on 635k at 3.7% (Family Relief) and having a seperate contents agreement for the other 65k (Total 700k).
My questions are
1) What proof will I need to to get stamp duty on the 635k. We are palnning to take a mortage of 570k and pay cash of 130k (From sale of our existing house).
2) Would it be better for the parents to say they are giving me a gift of 440k of the house and the rest will be paid in cash, hense stamp duty will be on €800-440 = 360k.
3) is there anything else I should consider, apart from CAT in relation to the 100k in 7-8 years.
Any opinions would be greatly appreciated