S
sparky1
Guest
Hello,
Looking for some advice to see if an idea is do-able so any help appreciated. My parents want to build a new house at side of end of terrace family home on a site where a large extension was built 25 years ago. To finance this, they asked me and husband would we like to buy the family home, a four bed victorian in D4, so they can finance the new build. They would sell the family home to us for the cost of building the new house, approx 550k, half the market value of the family home. There are 4 other siblings, none in the position to take up this offer and I would have no claim on the new house when parents pass on. One parent is ill and housebound so I think they want to have me next door as a comfort and they don't see any problems with my siblings as they will benefit later on. Assuming they get planning permission, what are the tax implications, gift tax/CGT issues, legal issues be. Is it a runner? Thanks in advance for your thoughts!
Looking for some advice to see if an idea is do-able so any help appreciated. My parents want to build a new house at side of end of terrace family home on a site where a large extension was built 25 years ago. To finance this, they asked me and husband would we like to buy the family home, a four bed victorian in D4, so they can finance the new build. They would sell the family home to us for the cost of building the new house, approx 550k, half the market value of the family home. There are 4 other siblings, none in the position to take up this offer and I would have no claim on the new house when parents pass on. One parent is ill and housebound so I think they want to have me next door as a comfort and they don't see any problems with my siblings as they will benefit later on. Assuming they get planning permission, what are the tax implications, gift tax/CGT issues, legal issues be. Is it a runner? Thanks in advance for your thoughts!