Parents wanting to transfer ownership of IP vs own house and land

Hi all,

Was wondering if anyone can give me some advice, and/or direct me to the right profession

I am wanting to purchase a home with my partner in the next year or two.

My parents have an IP in an ideal location (still has ongoing mortgage), 10-15min drive from their home.

They are wanting to potentially transfer the home pre-retirement to me, in the next 8-10 years, so that it does not affect their pension eligibility.

They are also thinking of possibly doing a knock-down rebuild on their IP; as it is very old.

What are the legalities and implications on my parents future; when they eventually do decide to transfer the ownership of it.

The second option is, that they are happy for us to rent the IP until we acquire full ownership of the home (either through a Will or transfer of ownership).

If they do proceed to a knock down rebuild, this will increase its market value, as it is in an established location and will be a newish home, when transferred in the future.

However, I was thinking would it be better to sell/transfer the ownership pre-knockdown build to save us from higher CGT/stamp duty costs in the future; as it is always based on current market value?

When they do decide to transfer the ownership of the home (post knockdown rebuild), would I be eligible for stamp duty exemption even if it they sell it below market value, as it will be our first home?

I'm just trying to figure out what is better tax wise for them.

If I do purchase my own home with my partner, eventually they will want to give their IP to me when they get older.

Hence, I was thinking should I just take it now, and save them from all the trouble in the future (higher CGT/stamp duty costs etc.). Or buy my own land and build a home, and eventually allow the transfer of the IP to happen in the next 8-10years.

What is the most ideal situation for both parties, given the current circumstances?