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Home Purchase

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  • 29-01-2021 1:58pm
    #1
    Cheesepuffs
    Registered Users Posts: 32 ✭


    Hi,

    Looking for some advice please. I am looking at moving into the grandmothers house. At the moment it’s valued at €120,000 so I have agreed to move into it and rent it while she is still alive and do all the work so when she passes I can then purchase it.

    My question is, I have agreed to buy house today for €100,000, but if I do it up and the bank value it at more. Will they question the sale agreed price


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    #2
    wiz569
    Registered Users Posts: 1,702 ✭✭✭wiz569


    It would be far easier to buy it now if you could tbh, when she dies it will have to be valued for her probate so that may well mess with your value of it plus she may need the equity from it if she had to go into care etc.


  • Options
    #3
    Atlantic Dawn
    Registered Users Posts: 82,842 ✭✭✭✭Atlantic Dawn
    M


    If you buy it for less than it's worth then the difference will be perceived as a gift and liable for tax on the €20k.

    How have you agreed to buy it, have you a solicitor appointed, has she? Sounds like as mess if you havn't as anything could happen like her needing the house as collateral for Fair Deal scheme or others seeking the house upon her death if she does or doesn't leave a will.


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    #4
    Gumbo
    Moderators, Society & Culture Moderators Posts: 39,472 Mod ✭✭✭✭Gumbo


    Would be better to buy now with some form of clause that she remains a habitant.


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