This maybe a bit complicated and I have quite a few questions here so hopefully someone could kindly give some advice or at least where to seek help!!
I am the joint owner with my mum's £150k property in midland and she paid £126k about 20 years ago. My ownership is from my dad more than 10 years ago. He was panic about his heart problems at that time but he is still healthy enough to live now!! Both my parents are still living there and they are receiving pension credits.
Due to health issues, they want to move down to south and close to me and my sister. As everyone knows property prices in south has gone up crazy so they are going to sell their midland house as a deposit and my sister (first time buyer) will take a mortgage so three of them will live together. The new house (not purchased yet but likely around £280k) in south must of course has my sister's name (mortgage applicant) and may or may not adding my mum's name. I will definitely not put my name down because I'm a joint owner of the current house where I'm staying with my husband and children.
My questions are:
1. How much will be my CGT?
2. Will my mum need to pay any tax if she sell her midland house?
3. Will inland revenues think my mum's property selling as an "income" and loose their right to pension credits?
4. Should the new property has my mum's name on or not?
5. The selling price of midland house will be used as deposit, can be looked as "gift" from my mum and me, will my sister needs to pay any tax?
Sorry Tonnes of questions
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