Ok I`m not really sure where to put this becuase it will involve a number of subjects but here goes.
I am currently living with my wife and we have three young children. We are 2 years into a 30 year repayment mortgage. At the dinner table the other day it was suggested that we sell the house and at the same time so do my parents in law. We currently have a mortgage of £130,000 and the parents in laws will have no mortgage. Selling both properties and using the same £130,000 mortgage for the new house would be the plan maybe a little more given the right house, we would then be given a gift of £100,000 from the in-laws to add to the fund to purchase a new house. We then want to look for a house in the area for around £230,000. Ideally then we would purchase said house with a mortgage that would allow us a favorable rate becuase we would have a lower LTV. The in-laws would have money left over or so from the sale of there house to extend the house we buy with the addition of a granny flat or additions to that extent to provide them a seperate area of the house to live in.
How would we go about the above avoiding paying out as much money as possible and secure the house for the long term hopefully avoiding paying lots of tax in the future. Ideally the new house would be in mine and my wifes name going forward if this again is possible.
I am currently living with my wife and we have three young children. We are 2 years into a 30 year repayment mortgage. At the dinner table the other day it was suggested that we sell the house and at the same time so do my parents in law. We currently have a mortgage of £130,000 and the parents in laws will have no mortgage. Selling both properties and using the same £130,000 mortgage for the new house would be the plan maybe a little more given the right house, we would then be given a gift of £100,000 from the in-laws to add to the fund to purchase a new house. We then want to look for a house in the area for around £230,000. Ideally then we would purchase said house with a mortgage that would allow us a favorable rate becuase we would have a lower LTV. The in-laws would have money left over or so from the sale of there house to extend the house we buy with the addition of a granny flat or additions to that extent to provide them a seperate area of the house to live in.
How would we go about the above avoiding paying out as much money as possible and secure the house for the long term hopefully avoiding paying lots of tax in the future. Ideally the new house would be in mine and my wifes name going forward if this again is possible.