• MY HUSBAND BUYING HOUSE OFF MY MUM

    By Guest on 28th May 2015

    HI, My mum bought her house just under 10 years ago on an interest only right to buy which runs out next February. My husband wishes to take over the mortgage and let her still live in it. There is some equity in the house. What tax implications are involved on purchase/transfer and also if we decided to sell at some point. kid regards, Sue

  • 1 Answers

    By Guest on 31/05/2015

    Hi,

    You should really get some expert tax advice however it is possible that when the property is sold Capital Gains Tax will be payable. In any event it is not as simple as him taking over mortgage - he will need to take out his own mortgage and buy the property. His mortgage lender may not agree to your mother living there.

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