Buying a house within our family

smorri4

Hi all

I have a query.
Myself and my boyfriend are buying a property that his grandparents own - its is vacant and we are just waiting to sell our property. I have two questions.

1) How do we go about sorting legal stuff out as its a private purchase.
2) house is 180000 - (providing we sell our house for 145000) we will have 36000 to act as a 20% deposit on a mortgage - do you think this will allow us to fix at a decent rate for 5 years???

thanks

sarah

trubble

Yourselves and g'ps will need separate solicitors.
No HIP will be required if it's not been publicly marketed, but an EPC will be needed.
Mortgage I have no idea. But don't go borrowing based on todays interest rates, seriously!

G_M

Until you mentioned the mortgage I was going to say you do not need a solicitor. As it's a family deal, you could simply draw up a standard contract, send the requied transfer form to the land registry (who would assist/advise you) and complete the SDLT form for tax.

However you Lender will insist on a solicitor for the mortgage work so you might as well pay a bit extra and get him to do the conveyancing as well.