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Buying house off parents

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  • Buying house off parents

    I'm totally new to this lark and I find this whole situation very daunting. But here goes..........

    My wife and I left University around the same time my Father in Law got a job as a caretaker. With his job he got a house on the site and moved out of his private house enabling us to move in and rent his house from him. At the time I suggested that we drew up a contract re the tenancy agreement and he said 'Nah - there's no need for that' and woudn't have it. This might be in part due to the fact that he then intended to pocket all the rent he's taken off us and pay no tax.

    So for the last 16 years the arrangement has worked out fine with us living in his house with ridiculously cheap rent while he paid virtually nothing to live in the school house.

    But in the next 2 years he retires and wants to realise his investment, so we've got to move out or buy it. This is not something either me or my wife have done and we'd like some advice as to what we should do next. What should our first move be?

  • #2
    Welcome to the forum,
    I'd say you have a few options:

    This is what I would do:

    Get a couple of Estate Agents round to value your property for sale. Then take that value, minus, say, 10-20% as you're family (perhaps more depending on your family relationship..) then get in touch with a lawyer and do it all privately. As I understand it you and your father will need seperate lawyers and assuming you have no stamp duty to pay it'll probably cost you no more than £1000 in legal fees (in total).

    You will of course need to apply for a mortgage based on the agreed selling price and they will want to value the property, which should be not problem.

    Good luck!


    • #3
      Seek advice from an independent financial advisor