Buying Parents House

Hows_2

I wonder if anyone can help please?


Here is the situation:

• Our house was on the market for £190,000 to £200,000
• We have accepted an offer for £182,000
• My wife's parents want to sell their house to free up some money and have paid off their mortgage.
• They had it valued for £190,000 to £200,000
• They want to sell it to us for £170,000 so that we can do their house up a little (needs a new kitchen....etc).

Here is what we need to know.

1. What do we need to do to put this into place?
2. Is there going to be a problem with us potentially buying the house for 10,000 less than they may have got for it? (who knows what they would have been offered?)
3. Who can we see to get advice on this for as little money as possible?
4. Will this effect the IHT and CGT?

Thanks in advance.

Nosht

1. Instruct a solicitor, must be different one from parents
2. No, unless parents are going into care homes.
3. Solicitor, same one as handling sale.
4. Not really as price is fair. Depending on state of health of parents. If they are in poor health & might need care then sale of property could be construed as potential fraud as they could be disposing of assets to claim benefit.

Can you afford 2 mortgages?

Regards,

N.

Hows_2

Thanks for the advice.
Will let you know how we get on.