How to buy Family Home from parent?

How does one go about buying a home from outside of the UK. I currently live abroad, but would like to purchase the family home from my Dad, now retired , and raise my family in the home I grew up in. Just not sure where to begin. How to buy Family Home from parent?
you have to pay MARKET value for it...





e.g. he can't sell you it for 拢1 to avoid inheritance tax, which is what people used to do and they stopped that.





you probably would need a solicitor anyway, and the deed's get signed over to you.How to buy Family Home from parent?
You have two choices; he can give it to you or you can buy it from him.


If he gives it, he can give it to an offshore trust or to you personally. Either way, he will then need to live 7 years to validate the gift.





If you buy it from him at market price, you can do anything you want with it although obviously, to the extent that he has not spent it, there will be inheritance tax payable on the money on his death. This is the simplest solution if you can afford to do it.





If you or a trust receive it as a gift, it becomes much more complex. For one thing, he would need to pay you market rent if he continues to live there or it would become a 'gift with reservations'. This is a nasty situation which would not only invalidate the gift but could potentially lead to your father paying income tax on the imputed value of the rent he did not pay.





Then you or the trust will need to pay UK taxes on the income from the rent offsettable against any mortgage or other overhead.





Also, if a trust owns it, there will be capital gains tax payable by the trust when the house is ultimately sold.
Does he own it or does it have a lien? One thing you can do if he owns the property is have him put it in to a Trust naming you the Executor of the Trust. I know of people here in the States that have done it this way. Speak to an Atty to see if the same can be done there.

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