Hi, I'm completely new to this forum and I have a question which might or might not already have been posted. Here goes.
My father inlaw wants to sell his house (around 140-130k) and use (gift) me and my wife the money to put down as a deposit for our house so we will only have a small mortgage of around 50-60k. And to add to this he will live under the same roof as us but me and my wife would be paying the mortgage.
Am I correct in thinking this is all fine with it being well below the 325k IHT threshold ? (Legal etc)
Also would he need to transfer the money he gets for his house to a joined bank account (in me and my wife's name) or would he be able to put the money directly down as a deposit from himself ?
I'm sorry if I'm coming across as abit of a noob, i have no experience as we are first time buyers plus I'm foreign so there is a slight language barrier
Thanks in advance for any advice
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