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Buying parents half of property Buying parents half of property

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Old 27-11-2011, 04:55 PM
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Default Buying parents half of property
We have a mortgage on half of our property my partners parents own the other half around 110k. They have offered for us to buy their half intrest free over the next ten years. What do we need to do to make it legal? ie protect everyones intrests. We all get on dont get me wrong but just incase anything happens we want official documents etc.

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Old 30-11-2011, 02:34 PM
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Default Re: Buying parents half of property
Personally speaking I think you would probably need to speak to an accountant, as I suspect that the taxman will see the "interest free" as a benefit in kind, ie, subject to tax.
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Old 12-12-2011, 02:37 PM
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Default Re: Buying parents half of property
No tax to pay!
Benefit in kind? Really, it is half their house already!
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Old 14-12-2011, 11:59 AM
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Default Re: Buying parents half of property
Yes, but the other half isn't.

The taxman can get very picky over benefits in kind, hence why I recommended speaking to an accountant who can more specifically advise.
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