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SamTheMan, honestly I think you need to talk to a finance advisor or accountant.
On the little you have told us it would probably be better to have done a Deed of Variation and the share of proceeds from your parent’s house gone straight to your sons.
However from here on in, depending on who will buy and own the house, your own circumstances, how much money is involved, whether your sons will live in the house or rent it out, whether (if they own it) it will be owned as Tenants in Common or Joint Tenants, whether it will be left in trust for them all affect how it is best done.
Things to ask about are:
If you buy and then give the house to your sons, what are the Stamp Duty implications. If you give them a house will they be liable for stamp duty when you give it to them.
The implications for inheritance tax if you give them either house or money and then do not survive for 7 years afterwards.
The possibility of Capital Gains Tax if they (or you) rent it out and then sell.
As camping experts we can pass on our bits of personal experience but the role of some professional advice is crucial.
A professional will help you sort this out without it seeming as daunting and complicated as it might seem.
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Topic: House buying advice
via mobile 16/1/2021 at 10:07am
