• Exchange Property With Parent

    By Guest on 11th Apr 2016

    I am exploring the possibilities of exchanging properties with my mother and was wondering what I would need to take into consideration.

    The reasoning

    After the loss of my Father some four years ago, my Mother has lived in the property. It is now clearly too large for her to look after both in terms of size ( 4 bedrooms ) and gardens which are in the region of 1 acre. With this in mind my mother has suggested that we should do an exchange of sorts. Whereby I take over the property. and from the sale of my property purchase a suitable bungalow for her.

    My property is also too large for her so to do a direct swap is not really a solution ( four bedroom house) Ideally, she would like a two / three bedroom bungalow.

    Would it be possible for me to sell my house and purchase a bungalow (no mortgage) and at the point of exchange transfer the ownership of my mother's property to myself and the new property to my mother.

    Is there other options to achieve this

    Approximate Property Values

    Mother's £500,000

    My current property £300,000

    Potential new purchase £200,000


    My thoughts are,

    Firstly Is this allowable ?

    What are the implications with regard to inheritance tax / social care ?

  • 1 Answers

    By Guest on 11/04/2016

    See answer given above. As a general note to all readers, kindly avoid duplicating questions - this makes the site look spammy to Google and affects how well it ranks, which makes it less accessible.

    Many thanks

    ADMIN

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