Hi
Would be very grateful for a little advice.
My husband and i a currently purchasing my parent house which we live in. They live in our house and we are remortgaging that to a buy to let mortgage, they are going to be paying the mortgage thtough ourselves.
I suppose effectively they are paying us rent as they will be paying more than the mortgage payments are.
As we will be owning two propertys, i understand when we come to sell the buy to let or we die and it passes to our children there will be a capital gains isssue. Obviousley we would like to eliminate or reduce this. I dont work and my husbands just pays standard tax. not 40%
Just wondering what steps we need to take, also do we need to declare the rental income. they are paying about £150 more than the mortgage payments will be.
We have owned the property since 2005 when it was transfered to me upon divorce.
Any pointers would be great,
Many thanks
Michelle
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