Myself, my fiance and our young family are living in my mums house with her for the last 5+ years. My mum has a certain amount left to pay off her mortgage and I was hoping to gift her a sum of money to help her pay it off as she has been diagnosed with cancer and will be out of work for the foreseeable and is almost at retirement age also. She in turn is going to transfer the deeds into my name when all is paid off - unless she can do this before it is all paid off ?
What is involved in this with legalities/ tax etc?
In order to gift her the money I would need to take out a large loan or a small mortgage of my own.
I really just need some advise as to how best go about this in the first instance.
Thanks
What is involved in this with legalities/ tax etc?
In order to gift her the money I would need to take out a large loan or a small mortgage of my own.
I really just need some advise as to how best go about this in the first instance.
Thanks