Dundalk_2021
New Member
- Messages
- 2
Hello all,
So basically I'm early 20's and thinking about buying a house in the next couple of years (2-3 years). I've recently received an inheritance from a grandaunt of 16,250 (very grateful). I have not received any other inheritance. I'm about to graduate a professional degree with starting salary (45k) and will be applying for the mortgage alone.
My granny has progressed dementia and lives in a care facility. I hope no one thinks I'm being ruthless by discussing buying her house. However, I am extremely close to her and between my family, they are all happy with the idea of the family home staying in the family, as no one else has any intention of buying the house. They also discussed a fair sale below market value could be agreed on.
It's a victorian mid-terrace, in need of a retro-fit (full rewire, heating system, roof). I know the property market is skyrocketing at the minute but the house was valued at 175,000 in December 2020 (my parents were thinking of selling there's and decided to get both houses valued at the time).
I'm wondering what are the tax implications for buying the house below market value if any? I would ideally like to buy for 150k considering the work that needs to be carried out. If anyone has experience buying a house from a grandparent I'd love to hear. No one is living in the house full-time anymore so was also wondering if there was anything about living in a house not paying rent but being primary address etc not sure how if that would affect anything.
Thanks in advance
C
So basically I'm early 20's and thinking about buying a house in the next couple of years (2-3 years). I've recently received an inheritance from a grandaunt of 16,250 (very grateful). I have not received any other inheritance. I'm about to graduate a professional degree with starting salary (45k) and will be applying for the mortgage alone.
My granny has progressed dementia and lives in a care facility. I hope no one thinks I'm being ruthless by discussing buying her house. However, I am extremely close to her and between my family, they are all happy with the idea of the family home staying in the family, as no one else has any intention of buying the house. They also discussed a fair sale below market value could be agreed on.
It's a victorian mid-terrace, in need of a retro-fit (full rewire, heating system, roof). I know the property market is skyrocketing at the minute but the house was valued at 175,000 in December 2020 (my parents were thinking of selling there's and decided to get both houses valued at the time).
I'm wondering what are the tax implications for buying the house below market value if any? I would ideally like to buy for 150k considering the work that needs to be carried out. If anyone has experience buying a house from a grandparent I'd love to hear. No one is living in the house full-time anymore so was also wondering if there was anything about living in a house not paying rent but being primary address etc not sure how if that would affect anything.
Thanks in advance
C