Downsizing/2nd home/foreign buyer
Discussion
Hi, from chatting to a colleague thought I would see what you guys think would be the best way to structure a house purchase in this scenario.
His mother owns a house worth around £850k. She wants to buy a flat for around £550k.
Knowing its going to take her a long time to sell her place, her son ( who lives in Canada ) wants to pay for her to move to a new flat now and she can sell the house later( and refund the son )
Is it best that the Canadian son lends his mother the money? or buys the property outright and lets her live there?
Or should he buy her existing house and then the mother can buy the flat. ( he then has the hassle of selling a house)
I can't get my head round whats the best/cheapest way also thinking about IHT.
cheers
His mother owns a house worth around £850k. She wants to buy a flat for around £550k.
Knowing its going to take her a long time to sell her place, her son ( who lives in Canada ) wants to pay for her to move to a new flat now and she can sell the house later( and refund the son )
Is it best that the Canadian son lends his mother the money? or buys the property outright and lets her live there?
Or should he buy her existing house and then the mother can buy the flat. ( he then has the hassle of selling a house)
I can't get my head round whats the best/cheapest way also thinking about IHT.
cheers
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