buying home from parents

wrighty0__3

hey,

My mum and dad have decided to help me and my partner out by selling us their house (we are FTB's). A few questions i need clearing up and any extra advice is appreciated.

right so now theyve said they may be willing to help us depending on the money side of things i just wanted to know the way to go about putting things in place etc. i know ill need a valuation, and wont need to involve an estate agent to process the sale (or do i)

im also presuming its better to have a valuation done before contacting a mortgage broker to arrange a mortgage????

also with them selling me their house will the conditions be they move out immediately? or within a timescale or not at all? obviousley they dont want to be living with us and we dont want to be living with them etc and hopefully it will work smoothly without them being pressured to find somewhere else the minute the sale goes through.

ive spoken to L&C briefly about the sort of money i could possibly borrow etc.

obviousley i want the process to go through as cheaply as possible so any help would be much appreciated.

RAS

if you want to buy your parents' house with any sort of mortgage, your parents have to move out. the mortgage company require vacant possession.

TonyMMM

But you won't need an estate agent.

How do the figures stack up ...

House Value ?
The price you are paying (are they giving a large discount) ?
Your deposit (other than the discount) ?

wrighty0__3

i need a valuation to see how much the house is worth, my thinking is the house is probably in the region of 110k-120k and im hopefully going to be able to purchase it for around 100k, these figures are all in my head, im not sure this is even possible but im hoping that will be the discount, (mum n dad have agreed to this). so am i best approaching an estate agent to put a valuation on it as if it was going on the open market or what are my other options