Posted on 26 February 2013 by Neil
Hi. Long story but my parents want to move but no interest from buyers. If they gift my sister and me their house is there a way we can extract a small % of cash from it to use to put towards a new house for them (with me and sister paying any ongoing interest). Many thanks.
There seem to be two transactions you are looking at here. The first is a 'concessional purchase' whereby you effectively purchase the property from your parents at a reduced figure, rather than the full market value. The second is a 'home for dependent relatives', where you are buying a property (this time at full market value) in your names, for your parents to live in.
Without knowing more detail around yours and your sisters financial and personal situations, I can't be anymore sepcific, but it's certainly something which in practice is quite a common occurance.
If you'd like to find out more about how this works and what your options are, then please let me know and I'll arrange a convenient time for you to talk to one of our consultants.
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