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Buying or being gifted a derelict house

yellowellie · 2017-08-23 20:46:42

My father owns a very old house that hasn't been lived in for decades. It would need a total renovation and extension, which I'm considering doing. What I don't know is if there's any advantage/disadvantage of him gifting it to me or selling it to me at either a very low price or at its current value. I don't think…

23-08-2017 8:46pm

#1

yellowellie

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Join Date: September 2006

Posts: 82

My father owns a very old house that hasn't been lived in for decades. It would need a total renovation and extension, which I'm considering doing. What I don't know is if there's any advantage/disadvantage of him gifting it to me or selling it to me at either a very low price or at its current value. I don't think purchasing it has any benefit as it wouldn't qualify as a new build for the Help to Buy scheme but maybe I'm not aware of some other good reason to buy it rather than have it gifted. I wonder if it would be more straightforward in terms of a mortgage to buy it off him. I'm not even sure what my question is:pac:

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#2 23-08-2017 8:49pm

ytpe2r5bxkn0c1

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If gifted it's market value comes off your lifetime allowance for inheritance. If you buy it for anything below market value then the balance is classed as a gift.

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