• Church Conversion, Part House Part Apartments, Split Between Me And My Parents

    By Guest on 27th Oct 2015

    I've had my offer accepted on a church which currently has planning for 15 apartments. However, I intend to buy it together with my parents, on a 60-40 split on cost, with a view to creating a very large house for me with a granny flat for the parents, and 5 apartments for my parents to rent out.

    the building will be split more or less down the middle from the ground floor up, but I will also have the whole basement. Currently, it is only the ground floor that is in place, then open space (enough for a further two floors) above it, and no walls inside (was previously a joiners workshop).

    How do we go about splitting the ownership between us at the point of purchase, as if we transfer ownership afterwards, there could be severe inheritance or capital gains tax implications as it would be sold well below market value?

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