My parents want to gift me a house. We started this process a year ago. I took out a high interest loan to clear the mortgage remaining but of course now that the bank has my money they are refusing to release the deeds unless my parents pay 100k off another mortgage they have. Long story. We are currently going through the ombudsman.
Does anyone know is it possible to have a contract drawn up whereby the ownership is transferred to me while we wait on the deeds from the bank? Then my parents would owe Capital Gains tax on the value of the property at the time of the contract??
Is that what the below means?
"For disposals under an unconditional contract the time of disposal and acquisition is the date the contract is made, not the completion date."
We could be waiting another year for this and I am concerned about tax implications for my parents and myself if the value rises or is the government increases stamp duty.
Does anyone know is it possible to have a contract drawn up whereby the ownership is transferred to me while we wait on the deeds from the bank? Then my parents would owe Capital Gains tax on the value of the property at the time of the contract??
Is that what the below means?
"For disposals under an unconditional contract the time of disposal and acquisition is the date the contract is made, not the completion date."
We could be waiting another year for this and I am concerned about tax implications for my parents and myself if the value rises or is the government increases stamp duty.