a family member has some legal issues and basically needs to settle on a his ppor in 4 weeks otherwise he will have to pay a penalty. he has asked me to be a trustee (not sure what that means) for his property and basically get a loan to buy it off him so he can fix the place up and put it back on the market next year.
a couple of questions
1. what is a trustee, and how am i legally viable? been told that a contract will be drawn up so its clear he will get all profit and loss…is that possible?
2. will i have to pay capital gains tax after selling next year
the loan is quite large so want to make sure i am aware of consequences before i do anything
anything else anyone can think of?
thank you
Whatever it is get the paper work and take it to a solicitor and get them to explain all the consequences that you may encounter.
Before you sign anything !
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