Hi all,
My parents own a house that was bought at €x and is now valued at ,€y euro where y>x. They still have a mortgage on the house for ,€z euro. Technically this is still my home residence ( always has been). I am in a position to repay the entire ,€z euro. Will that mean I own z/x (so the fraction of the mortgage repaid) of the house or z/y (a fraction of the marketvalue)? If they were to sell the house later, how would cgt apply, especially as it is still my home address aswell?
Thanks very much
My parents own a house that was bought at €x and is now valued at ,€y euro where y>x. They still have a mortgage on the house for ,€z euro. Technically this is still my home residence ( always has been). I am in a position to repay the entire ,€z euro. Will that mean I own z/x (so the fraction of the mortgage repaid) of the house or z/y (a fraction of the marketvalue)? If they were to sell the house later, how would cgt apply, especially as it is still my home address aswell?
Thanks very much