How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Rakhi Vasavada Your Own Question
Rakhi Vasavada
Rakhi Vasavada, Financial Advisor
Category: Finance
Satisfied Customers: 4545
Experience:  Attorney and Financial Expert. Have specialization in Financial Laws.Practice experience of over 13 years
43581946
Type Your Finance Question Here...
Rakhi Vasavada is online now

My father owns a house worth £350k and has a £100k

Customer Question

My father owns a house worth £350k and has a £100k mortgage outstanding.I have cash in the bank and would like to buy a share of his house as a long term investment for £100k, thus enabling him to pay off the mortgage. I would then own 28% of the house.Is this possible to do? If so, how would I do this?Are there any other ways to achieve this? Can I simply pay off his mortgage and not worry about ownership?
Submitted: 1 year ago.
Category: Finance
Expert:  Rakhi Vasavada replied 1 year ago.

Dear Friend,

Hello and welcome. Thank you for providing an opportunity to assist you.

YES.. Both options are possible but gifting may have some tax implications. You cannot gift more than GBP 3000 without being taxed. So, this option is best avoided.

The first option sounds more feasible. You can buy your father's share and by doing this you will make a capital investment by buying his share out.

You can go with this option.

I am sure this would help.

You may please leave a positive rating if this helps as this is the only way we are compensated for assisting you. Alternatively, you may revert back with a reply if you need further assistance or if I have missed out on any aspect of your question.

Warm Regards,