Buying house (not their primary residence) off parents
Hi.
I'm thinking of buying a property from my parents (not their residence). Am looking at possibly paying 300k for a house thats worth 450k.
Has anyone been in this position?
Can anyone help me with regards to :
First hand experiences or info from Tax experts/solicitors would be great.
Thanks.
Hi.
I'm thinking of buying a property from my parents (not their residence). Am looking at possibly paying 300k for a house thats worth 450k.
Has anyone been in this position?
Can anyone help me with regards to :
- Capital Gains tax for the folks
- Inheritance tax
- How does the valuation work - ie if valuer says its worth 450k - how do i go about only paying 300k ?
- Could they say that the 150K is a donation, and that they're are cutting the difference of the 150k from my inheritance??
- Any other matters i should be aware of ?
First hand experiences or info from Tax experts/solicitors would be great.
Thanks.