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Buying property from parent - FTB with lots of daft questions
ADSrox0r
Posts: 28 Forumite
Hi guys,
Long time lurker here, I've followed the forums here for a long time and trust the information and people so would like to present our case to the helpful people here for your comments.
My partner and I (unmarried atm) are looking to buy a property from my father. The property was/is my family home for over 25 years. My father moved away to Scotland in around 2000 and left me to live in and look after the property.
The time has come now where he needs to clear his debts. He would like to sell the property to us at a knockdown price of £100,000. From estimation and surrounding property sales we think the property is worth around £125,000 as it stands.
I currently earn 23k and am 29y/o and my partner earns 9k at 25 y/o. Our joint disposable monthly income is around £600 above and beyond all expenses including the £600p/m 'rent' I pay my father. I have a good credit file, I had a CCJ but it is over 6yrs and expired so not on the radar. I have an old default on file which I am about to dispute with Barclaycard (it's over 6yrs and they have no record of the default so it's coming off one way or another) My partner has a spotless credit file. I also have about £800 to pay off my credit card atm.
So, here come the 'oh so you've never done this before' questions. I realise that a lot of the information is freely available and I've read an awful lot within this forum but I like to ask lots first rather than fall foul later.
What should our first move be? We feel we should get a valuation on the property. Since my father is in Scotland we would do this on his behalf. Can we just ring some estate agents and ask for a valuation? Since an estate agent will not be involved in the transaction will they charge us?
Are we being realistic about getting a £100,000 mortgage with our figures and situation? We only have about £1000 in savings atm.
I've read up on the fact that stamp duty won't apply here, I've also read up on conveyence/disbursement fees. What other surprises might there be for us with this particular purchase?
Sorry if these are screamingly obvious things but if nothing else it helps me get everything in order in my head before we start this adventure.
Thank you for your time and patience
Long time lurker here, I've followed the forums here for a long time and trust the information and people so would like to present our case to the helpful people here for your comments.
My partner and I (unmarried atm) are looking to buy a property from my father. The property was/is my family home for over 25 years. My father moved away to Scotland in around 2000 and left me to live in and look after the property.
The time has come now where he needs to clear his debts. He would like to sell the property to us at a knockdown price of £100,000. From estimation and surrounding property sales we think the property is worth around £125,000 as it stands.
I currently earn 23k and am 29y/o and my partner earns 9k at 25 y/o. Our joint disposable monthly income is around £600 above and beyond all expenses including the £600p/m 'rent' I pay my father. I have a good credit file, I had a CCJ but it is over 6yrs and expired so not on the radar. I have an old default on file which I am about to dispute with Barclaycard (it's over 6yrs and they have no record of the default so it's coming off one way or another) My partner has a spotless credit file. I also have about £800 to pay off my credit card atm.
So, here come the 'oh so you've never done this before' questions. I realise that a lot of the information is freely available and I've read an awful lot within this forum but I like to ask lots first rather than fall foul later.
What should our first move be? We feel we should get a valuation on the property. Since my father is in Scotland we would do this on his behalf. Can we just ring some estate agents and ask for a valuation? Since an estate agent will not be involved in the transaction will they charge us?
Are we being realistic about getting a £100,000 mortgage with our figures and situation? We only have about £1000 in savings atm.
I've read up on the fact that stamp duty won't apply here, I've also read up on conveyence/disbursement fees. What other surprises might there be for us with this particular purchase?
Sorry if these are screamingly obvious things but if nothing else it helps me get everything in order in my head before we start this adventure.
Thank you for your time and patience
0
Comments
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Your first step wants to be an Offer in Principle, you nee to find a lender that will lend you the money form the property. It will be a 100% mortgage IM guessing as the 1000 you will need for solcitirs fees, searches. you are right, you wont have to pay stamp duty.
It all depends on your creidt rating Id say, and what products are available to you.
Lynz
x:beer: Well aint funny how its the little things in life that mean the most? Not where you live, the car you drive or the price tag on your clothes.
Theres no dollar sign on piece of mind
This Ive come to know...
So if you agree have a drink with me, raise your glasses for a toast :beer:0
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