Welcome to the reallymoving forum
Got questions and need some advice? Our forums have answers on everything from choosing the right property, to renting and selling.
  • If this is your first visit, be sure to check out the FAQ by clicking the link above. You may have to register before you can post: click the register link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below.

Announcement

Collapse
No announcement yet.

Buying my house off my parents

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • Buying my house off my parents

    Hi. I don't know if anyone has any pearls of wisdom to help us?! We couldn't get a mortgage 12 years ago so my mother in law took out the mortgage on our house for us. We paid the deposit into her account and have paid the mortgage every month since. She no longer wants the house in her name and we are in a better position to buy the house ourselves. She already has her own house so ours is classed as her second property. Where do we stand with capital gains tax etc? We can prove the house is ours and that she has no monetary input in it. This is all very confusing!

  • #2
    Re: Buying my house off my parents

    If there’s still a mortgage owing on the property in the mother’s name she will need to effectively sell the property to you and gift you the deposit (the difference between the value and the mortgage they’ll need to obtain to clear the mortgage she owes on the property). You will have stamp duty to pay depending on the value of the property and your mother is unlikely to have a CGT (Capital Gains Tax) liability due if she’s not actually making a profit on the sale (which she won’t be).

    The only way to be certain as to the tax implications is to speak to an accountant, but the likelihood is that only stamp duty will need paying on the sale.
    Ascot Mortgages
    www.ascotmortgages.co.uk

    Comment

    Working...
    X