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Buying relative house (best way)

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  • Buying relative house (best way)

    I am looking at the best/cheapest way of buying a relatives house.

    She has a mortgage on the property, I want to give her the cash to pay off the mortgage so I will own the property.

    Only thing is, I want the purchase price to show more than the mortgage value so I don't get hammered with capital gains when selling.

    The mortgage is 67000
    House value 85-90000.

    Could a transfer of equity be the way or would I need to get 2 solicitors for one to act on sale and one on purchase?

    Any help appreciated, Thanks

  • #2
    Re: Buying relative house (best way)

    Ahh stiching up a relative!
    Pay off the mortgage and buy a home worth £90k for just £67k
    Why would your relative agree to this?

    If you make a capital gain you should be prepared to pay the tax!

    Not surprised no one else has "helped"
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