Hoping someone may be able to help with a bit of a minefield query.
Currently living in a second property owned by my parents along with my wife and daughter.
The mortgage on the property is in both my parents names and myself and my sisters names. The deeds of the property are in my parents names only.
Balance outstanding on the mortgage is roughly 100k and value about 500k. We wish to carry out renovations to the tune of 100k but AIB have refused a top up based on my parents age (both over 70). They want my parents off the deeds and myself and my wife or sister to take out a new mortgage for 200k, essentially purchasing the property. The property is to be left to me as part of their estate.
I have no problem doing this and utilising my inheritance tax threshold however it will trigger a substantial CGT bill for my parents.
Does anyone have a way around this or now if other lenders will entertain a mortgage of 200k for myself, wife and parents on a house with value 500k. We have combined gross salaries of > 100k and my parents have their PPR, a commercial property and another residential property all mortgage free with a rough value of €1.5m.
I have considered purchasing their PPR from them but this will create problems as this is to be left to my sister in the future meaning she would need to be bequeathed the property I live in and want to renovate.
Currently living in a second property owned by my parents along with my wife and daughter.
The mortgage on the property is in both my parents names and myself and my sisters names. The deeds of the property are in my parents names only.
Balance outstanding on the mortgage is roughly 100k and value about 500k. We wish to carry out renovations to the tune of 100k but AIB have refused a top up based on my parents age (both over 70). They want my parents off the deeds and myself and my wife or sister to take out a new mortgage for 200k, essentially purchasing the property. The property is to be left to me as part of their estate.
I have no problem doing this and utilising my inheritance tax threshold however it will trigger a substantial CGT bill for my parents.
Does anyone have a way around this or now if other lenders will entertain a mortgage of 200k for myself, wife and parents on a house with value 500k. We have combined gross salaries of > 100k and my parents have their PPR, a commercial property and another residential property all mortgage free with a rough value of €1.5m.
I have considered purchasing their PPR from them but this will create problems as this is to be left to my sister in the future meaning she would need to be bequeathed the property I live in and want to renovate.