Hi, my wife's parents are giving a house to my wife and her sister (50/50 split). We're currently living in the house and we're thinking of buying the other sister out and we're wondering what is the best way to do this in terms of tax and other charges we might need to pay.
We'll definitely be seeking professional advise, but I'd just like to get any other advise or speak to people who might have gone through a similar situation. Any advise is greatly appreciated.
The house is currently in the parents name and is worth €400k (this is parents estimation). So basically her parents would be gifting her €200k and we would need to get a mortgage for the other €200k to buy out her sister.
Does anyone know what's the most efficient way to do this?
Thanks
We'll definitely be seeking professional advise, but I'd just like to get any other advise or speak to people who might have gone through a similar situation. Any advise is greatly appreciated.
The house is currently in the parents name and is worth €400k (this is parents estimation). So basically her parents would be gifting her €200k and we would need to get a mortgage for the other €200k to buy out her sister.
Does anyone know what's the most efficient way to do this?
Thanks