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Buying someone else's share? Or whole house?

(4 Posts)
FunkyDancingMonkey Sun 31-Jan-16 18:40:54

Sorry if I've posted this in the wrong place but not sure where else to put this.

FIL signed over his house to DH and DSIL some time ago. FIL still lives in the house and doesn't intend moving.

We have been looking at selling our own property to get something with more space as our family grows. There has been talk of us moving into FIL's house (there's plenty of room for us all) but how would this work from a legal/financial stand point?

Do we buy SIL's share of house? Or do we buy the house from FIL?

Obviously we're going to seek legal advice but wondered if anyone out there had experienced similar.

Thanks in advance.

AveEldon Sun 31-Jan-16 18:45:19

why did he sign it over to them?

If your DH owns half then he needs to buy SIL's half from her

FunkyDancingMonkey Sun 31-Jan-16 21:25:57

He's slightly eccentric and decided it was a good idea to sign it over.

AveEldon Mon 01-Feb-16 08:53:00

Well it would still count as part of his estate as it's a gift with reservation as he still lives in it

The rules change if you move in with him
www.gov.uk/inheritance-tax/passing-on-home

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