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Buying Parents property in Scotland

Last post Thu, Aug 28 2008, 2:12 PM by conmankiller. 1 replies.
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  •  Thu, Aug 28 2008, 10:18 AM

    Buying Parents property in Scotland

    Hi

    I wonder if anyone can help, my father inlaw is elderly and now quite ill and looks like he will need to move into sheltered accommodation or a home. However he owns his home and doesn't want his son to lose his inheritance. Can you let me know if it is possible for him under scottish law to sell his son the house for £1

    Many Thanks

    • Post Points: 20
  •  Thu, Aug 28 2008, 2:12 PM

    Re: Buying Parents property in Scotland

    Hi -- He could sell it for what he likes or indeed give it away, but gifting or the sale of a house undervalue to avoid stamp duty and possible care home fees will always attract attention from the authorities, and the whole process can be voided and overturned if they believe you have intentionally "deprived yourself of capital" in order to evade impending care home fees or to evade stamp duty.

    He needs to see a Solicitor who can better advise.... once his current needs & circumstances are fully known, there are ways of doing this including placing the property in trust if it's beneficial.

    • Post Points: 5