I am selling my only property to a friend. I have no bankruptcy issues or loans outstanding and therefore no charges. The property is owned outright.
It is valued at around 380,000 and I will sell to my friend for 250,000 as I am sadly dying and I would like to help.
They are buying with a mortgage. I understand this is a Below market value sale, they are intending on raising mortgage and using a deposit from their savings in a 90/10 fashion.
Is this a concessionarry sale? As I understand it is not deemed concessiomarry as the purchaser is utilising their deposit funds as well.
are there tax implications.
failing that, I can sell to my grandson and friend as joint purchasers, but then as I understand it will be subject to IHT if i do not survive 7 years.
so would that then mean the devalued number of 130,000 is subject to IHT or would it be half of that value of 65,000 as one is a familial "gift" but the other owner is not family?
Please advise
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