GrizzlyAdams
Registered User
- Messages
- 4
Hi all.
I've a fairly complicated question regarding buying a house.
Myself and my partner have been looking for a house for the last few months. She is an only child and her parents want to downsize their current house. They suggested we purchase it from them for below the market value (and they use what we pay them to buy a smaller home for themselves for cash). They say it makes sense as the house is left to her anyway and they can no longer maintain it.
The house is valued at around €450,000. They have suggested we buy it for around €250,000 (give or take depending on new house)
My questions is what type of tax would we have to pay on this? CGT, CAT, Gift Tax etc?
Or what is the most cost effective and legal way of transferring the house to myself and my partner? (Taking into account that they would need the €250,000 from us to purchase their new home as they're both retired - this figure would require a joint mortgage from ourselves)
I'd really appreciate if anybody could help me figure this out or point me in the right direction, I've been trying to figure it out and I've just made myself more confused
Thanks
PS: Alternatively, would it be possible for her parents to gift her their home (and later put my name on the deeds); and myself and my partner purchase the smaller home for her parents??
I've a fairly complicated question regarding buying a house.
Myself and my partner have been looking for a house for the last few months. She is an only child and her parents want to downsize their current house. They suggested we purchase it from them for below the market value (and they use what we pay them to buy a smaller home for themselves for cash). They say it makes sense as the house is left to her anyway and they can no longer maintain it.
The house is valued at around €450,000. They have suggested we buy it for around €250,000 (give or take depending on new house)
My questions is what type of tax would we have to pay on this? CGT, CAT, Gift Tax etc?
Or what is the most cost effective and legal way of transferring the house to myself and my partner? (Taking into account that they would need the €250,000 from us to purchase their new home as they're both retired - this figure would require a joint mortgage from ourselves)
I'd really appreciate if anybody could help me figure this out or point me in the right direction, I've been trying to figure it out and I've just made myself more confused
Thanks
PS: Alternatively, would it be possible for her parents to gift her their home (and later put my name on the deeds); and myself and my partner purchase the smaller home for her parents??