M
mrsdoyle1201
Guest
hi all,
i hope i am posting this on the correct board - please advise if i am not? !
I purchased a house from my parents in 2003 (at which time the house deeds were under both my mum and dad's names). On purchasing the house we decided to leave their names on the house, so that currently there are three names on the house deeds (as well as on the mortgage). On completing this transaction they were liable for CGT on 1/3 value of the house back in 2003.
a year or so ago, i looked into having their names removed from the mortgage but was told i couldnt while their names were still on the house deeds. As this was the height of the boom times the value of the house had increased significantly and would have been costly in terms of CGT to remove their names, so i left the situation as was.
As house prices have now gone down again to almost 2003 levels, i am wondering whether it is worth re-visting this to see what CGT we would be liable for at this stage?
Or am i better off leaving the house in three names, and perhaps being subjected to inheritance tax on my parents death (as they plan to will me the house)?
i guess there are benefits to having the house in their names should i get married and subsequently divorce (i am currently unmarried and have no plans to marry in the near future), as they would retain their part of the house,
i would be really interested to hear what views people have on this, and whether anyone is in a similar situation ?
thanks,
i hope i am posting this on the correct board - please advise if i am not? !
I purchased a house from my parents in 2003 (at which time the house deeds were under both my mum and dad's names). On purchasing the house we decided to leave their names on the house, so that currently there are three names on the house deeds (as well as on the mortgage). On completing this transaction they were liable for CGT on 1/3 value of the house back in 2003.
a year or so ago, i looked into having their names removed from the mortgage but was told i couldnt while their names were still on the house deeds. As this was the height of the boom times the value of the house had increased significantly and would have been costly in terms of CGT to remove their names, so i left the situation as was.
As house prices have now gone down again to almost 2003 levels, i am wondering whether it is worth re-visting this to see what CGT we would be liable for at this stage?
Or am i better off leaving the house in three names, and perhaps being subjected to inheritance tax on my parents death (as they plan to will me the house)?
i guess there are benefits to having the house in their names should i get married and subsequently divorce (i am currently unmarried and have no plans to marry in the near future), as they would retain their part of the house,
i would be really interested to hear what views people have on this, and whether anyone is in a similar situation ?
thanks,