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Hi
my Mother in law wants me to buy her house, for 160k...its been valued at 250k....out of the 160k 90 will go to my wife's sister as her inheritance the remain will go towards building a granny flat in the garden for her to live in...
My wife can't go on the mortgage due to her bad credit..its just me
..my question is will my mil have to pay rent at the going rate to me, as some say she do and some say she doesn't....the granny flat doesn't need planning permission to build it. But led to believe if she doesn't pay the going rent then I will incur inheritance tax
.I've heard about deliberate depravasion of assets that the local council can come after you for fees if my mil has to go into a care home but my wife insist this won't happen....
I'm 56 and the mortgage will run until I'm 70...when we can then gift it to our daughter who will be 26 by then...
It is under the stamp duty I believe and also the inheritance tax as well I believe..
my Mother in law wants me to buy her house, for 160k...its been valued at 250k....out of the 160k 90 will go to my wife's sister as her inheritance the remain will go towards building a granny flat in the garden for her to live in...
My wife can't go on the mortgage due to her bad credit..its just me
..my question is will my mil have to pay rent at the going rate to me, as some say she do and some say she doesn't....the granny flat doesn't need planning permission to build it. But led to believe if she doesn't pay the going rent then I will incur inheritance tax
.I've heard about deliberate depravasion of assets that the local council can come after you for fees if my mil has to go into a care home but my wife insist this won't happen....
I'm 56 and the mortgage will run until I'm 70...when we can then gift it to our daughter who will be 26 by then...
It is under the stamp duty I believe and also the inheritance tax as well I believe..
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