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Remus2004, Barrister
Category: Property Law
Satisfied Customers: 2456
Experience:  Over 5 years in practice.
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I bought a house for £200,000 last year, I bought this house

Customer Question

I bought a house for £200,000 last year, I bought this house as my father in law was frail and we needed to buy somewhere that has a granny annex that we could move him into. The idea being that he would then sell his house and with the proceeds buy the house with the annex so that I would be mortgage free and he would have secure housing and care for his latter years.
He wants to just give the money as a gift to us and therefore pay for this house but does not want to be owner of this house. The house is in my name only, I want to divide ownership between my wife and I. But am now extremely worried through research on the Internet that this may not be legal, I am also worried that I will become liable for tax on the "gifted"sum.
Question. Can my father in law gift the sum of money from the sale of his house to my wife and then my wife pay the mortgage of my house with the annex without incurring tax and if we cannot do this what is the best way to achieve the mutually desired outcome.
Submitted: 3 years ago.
Category: Property Law
Expert:  Clare replied 3 years ago.
Thank you for your question
My name is Clare
I will do my best to help you but I need some further information first.
how much is the house worth and how much is outstanding on the mortgage?