Info on Buying parents house

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Info on Buying parents house

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Glenn

Posts: 1
Joined: 12/5/2003

Info on Buying parents house

HI
i AM CONSIDERING PURCHASING MY PARENTS PROPERTY.i KNOW THEY HAVE TO REMAIN IN THE HOUSE FOR 7 YRS BUT CAN THEY LEGALLY SIGN THE HOUSE OVER TO ME? Is there more info on this subject

[ December 05, 2003: Message edited by: Glenn ]

0

Report Abuse | Date 5/12/2003 10:09:00 PM

simhar

Posts: 96
Joined: 5/4/2007

RE: Info on Buying parents house (in reply to Glenn)

Dodgy !!! Is this to avoid IHT???

simhar

email: simhar@talk21.com
web: Properite Landlord Software http://www.properite.co.uk

< Message edited by simhar -- 1/8/2007 12:46:20 PM >

Report Abuse | Date 1/8/2007 12:45:58 PM

P.Pilcher

Posts: 101
Joined: 25/7/2003

RE: Info on Buying parents house (in reply to Glenn)

There is nothing in law stopping your parents transferring their property to you - a simple land registry document is all that is required, signed by both parties. You can claim to be purchasing said property for a suitable sum of money, then just don't pay your parents this sum. The stated sum will be used by the inland revenue (another form to fill in) to levy any stamp duty on the purchase and will also be used in the future to assess any capital gains tax liabilities. Your parents wealth will be assumed to have been increased by the sum (you haven't) paid them and it is this which will be used to assess inheritance tax if they die within 7 years of the transaction as you correctly state.

P.P.

Report Abuse | Date 1/8/2007 6:09:44 PM