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Buying from family

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  • Buying from family

    Hi all,

    This is my first post. A family member of mine is looking to sell their property. Me and my father are looking into the possibility of buying the house and holding the property in a company to make rental income.

    The house is not worth enough to attract stamp duty tax charges.This would be our first property venture although we do own property ourselves. I was wondering if anybody can offer any advice regarding;

    Could we simply change the name on the deeds so we own the property and no money has to exchange hands ?
    Could we pay significantly less than the value of the property if the family members agrees to this ?
    Can we avoid legal fees, valuation and estate agent fees ?

    Thank you very much

  • #2
    Re: Buying from family

    You're really going to need to talk to a good accountant about this - it's not simply that there are potential tax implications in transferring the property, but there's also the question of what sort of company to set up, as there is a specialist property company option you will probably need to consider.