After some advice . After my dad passed away my mum has sold her house to move closer to her children. She has a lump sum but not enough to buy a house. To help her out me and my sister have got a mortgage ( regulated buy to let)
We are putting down 185k mortgage and mum the other half . Mortgage company have said we have to own it and as such money would be a loan or gift to us.
The plan is always to sell when she passed away and her half would go back into her estate to be split between 5 children. This will be the only inheretence as there will be bother else.
If we do it as a gift we have been told when we sell me and my sister would be liable for full capital gains tax and if we loan it would have to be shown as a 2nd charge on the property which the mortgage company won’t accept. If we do loan does it have to be a second charge? Can we not just do a separate legal agreement detailing her wishes and that it would be payable on her death? Any advice would be much appreciated
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