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Jo C.
Jo C., Barrister
Category: Law
Satisfied Customers: 31768
Experience:  Over 5 years in practice
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In-laws needed a bungalow reasons but had not

Customer Question

in-laws needed a bungalow for disability reasons but had not sold their house, so I have bought a bungalow (£160k) in my name for them to live in free and buy me out when they eventually sell. But it cost lots more than their terraced house (£100K or less) will realise. So I am now expecting it to end up part owned by them and part myself. For family reasons I did not want to gift it to them. I understand I will still pay CGT eventually. Do I need any legal document such as a tenancy agreement or a licence? Any other legal requirements/implications I should be aware of? thank you

Submitted: 2 years ago.
Category: Law
Expert:  Nicola-mod replied 2 years ago.
Hello,
I've been working hard to find a Professional to assist you with your question, but sometimes finding the right Professional can take a little longer than expected.
I wonder whether you're ok with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.
Thank you!
Nicola
Expert:  Clare replied 2 years ago.
Hi
Thank you for your question.
My name is Clare
I will do my best to help you but I need some further information first.
Just to be sure that I understand.
They will buy a share of the property - they will remain living there and you will agree the relevant percentages - is that correct?
Clare