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Buying parents half of property

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  • Buying parents half of property

    We have a mortgage on half of our property my partners parents own the other half around 110k. They have offered for us to buy their half intrest free over the next ten years. What do we need to do to make it legal? ie protect everyones intrests. We all get on dont get me wrong but just incase anything happens we want official documents etc.

    Thanks

  • #2
    Re: Buying parents half of property

    Personally speaking I think you would probably need to speak to an accountant, as I suspect that the taxman will see the "interest free" as a benefit in kind, ie, subject to tax.

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    • #3
      Re: Buying parents half of property

      No tax to pay!
      Benefit in kind? Really, it is half their house already!
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      • #4
        Re: Buying parents half of property

        Yes, but the other half isn't.

        The taxman can get very picky over benefits in kind, hence why I recommended speaking to an accountant who can more specifically advise.

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