Buying a family owned property

Petrov19

Hi all,

My situation is that I am renting a family owned property. I could be in a position shortly to buy it out right. As it's owned by close family (rather than distant relatives) we would simply want to transfer the deeds into my name so that I own the property outright in exchange for an agreed amount. The property requires significant repair but the purchase price is going to be favourable for me so I can plough future liquid capital into the renovation. As I am prepared to take the property as it stands does anyone have any experience of 'the process' I need to follow to buy it? I.e. I would want to cut out the usual house buying / selling steps. I don't see a need for an estate agent but would I need a survey, valuation, conveyance, land registry? What requirement(s) would a solicitor have to complete the transaction?

Anyone who has first hand experience of this type of exchange, I would be grateful of your experiences.

Thanks in advance.

beecher2

Are you a cash buyer?

Petrov19

beecher2 wrote: »

Are you a cash buyer?

It is probable but not a certainty I will have to full amount available to buy the property outright. Not 'cash' but the full amount can be transferred electronically in one transaction however this is done.

CLAPTON

if no mortgage is required then all that's required is legal transfer for the property to you
in principle you can do this yourselves via the land registry but if you are uncertain then best to use a solicitor

there is no requirement for surveys but it might be a wise move.

powerwin

My understanding is:

The Title Deeds need to be transferred to you. These are the legal documents that show who owns the property.

The Land Registry records need to be updated. The Land Registry records who owns land. Here's their website.

It's a choice between finding out how to do this stuff yourself, or employing a solicitor who already knows.

Getting a survey and valuation is usually only done for mortgage purposes. The only reason for seeking these in your case would be to make sure you are getting a fair deal.

This is not professional advice.

Rgds