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Mortgage - question regarding deposit
bobbydum
Posts: 1 Newbie
Good morning,
I am just after a bit of help please.
My nan has just died and I have just found out that my parents bought her house 25 years ago and actually own it.
If I were to buy it from them at a knock down price would the reduction in price act as a deposit for me. For example if the house is valued at £180k and they sell it to me for £150k would that £30k reduction act as my deposit as there would be £30k worth of equity in the property straight away or do I need to come up with some sort of deposit?
I am currently renting privately and I have no deposit saved to put down.
Any help would be appreciated.
I am just after a bit of help please.
My nan has just died and I have just found out that my parents bought her house 25 years ago and actually own it.
If I were to buy it from them at a knock down price would the reduction in price act as a deposit for me. For example if the house is valued at £180k and they sell it to me for £150k would that £30k reduction act as my deposit as there would be £30k worth of equity in the property straight away or do I need to come up with some sort of deposit?
I am currently renting privately and I have no deposit saved to put down.
Any help would be appreciated.
0
Comments
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If your parent owed the house but did not live in it there will be CGT implications when they sell.0
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If you buy at undervalue from your parents the majority of lenders would allow you to use the equity as a deposit. Your parents may need to sign a declaration stating it is a non refundable gift.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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