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Buying from family

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  • Buying from family


    Just looking for some advice and is is the first place I have arrived at where hopefully someone may be be able to help.

    I am Looking to purchase my grans house. The house is worth around £180k and I am in my grans Will along with two other family members.

    My question is that my gran is happy to accept 120k for the house and so are the other beneficiaries. Is it as simple as getting a 120k mortgage and buying it? I have spoken to a mortgage advisor who said this would be low risk to them as the deposit is already in the house?

    As my gran would continue to live here, I have read about gift tax, inheritance tax and gift with reservation of benefit and am worried that I would be doing something that isn't 100% above board. I am going to speak to a solicitor as soon as I find one but in the meantime was hoping for some advice really ?

    Many thanks.

  • #2
    Re: Buying from family

    Yes you can buy this house but if she agree. First of all try to agree her and than make deal. This 2/3 of the value as you mention and may be she give you. Don't contact any agent or laywer before her permission.


    • #3
      Re: Buying from family

      It could all get really complicated if you only buy a share.
      Then what happens to the house if your gran goes into a care home?
      Why not wait until you inherit and buy out the other two familly members.
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