My father lives and owns outright a property in wales which he purchased approx 10 years ago for £26,000 it is now worth approx £100,000. My father no longer works and is on disability benefit.
What we would like to know is, is it possible for me to purchase the property from him for £20,000 as we would like to give him a better quality of life as there are certain things he would like to improve on the house,we thought this would be straight forward but seems to be a minefield!! (pre-owned assets etc...does this apply?)We do not want to get involved with these companies that release the equity for you.
I have this cash so no mortgage would be required,but are just concerned about the tax implications etc i.e will he have to pay any? i do realize that i will pay capital gains on this eventually. we would appreciate any advise on this as it seems to be one big headache.
Thank you
Richard Sanders
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