Paul D

Hi My uncle wishes to gift me the property he lives in with my aunt, they have no children and I would be their next of kin. I live nearby and likely to move there as my main residence, but I wish to retain my current residence as a secondary home. I have no partner or children, so will only be myself using the secondary home. My current home has a mortgage of about 10% left to pay. I will not be renting the property and will spend a few days there a week. My uncle's home has no mortgage and they both have lived there since purchasing it, over 40 years ago. Value of the property is around 500k. My uncle is not in the best of health so moving in will enable me to care for him and my aunt, whilst maintaining my job. Could you please tell me any implications of this? Regarding a gifted property and a secondary home, taking into account the 7 year rule for IHT etc....... Thanks