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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