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Implications of buying house undervalue from family
Comments
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. With the left over profit, let's say 150k, we buy 2 bedroom house up in a cheap area near Cambridge let's say and she rents it from us.
I so don't get this at a;;. She's got a 300k mortgage on a 600k house.
So she sells now, makes £300k profit, spends half of that on this 2 bed flat (which would be hers, so she'd have no need to rent it off you) and uses the rest for the debt - does she really have more than £150k debt??
While she's doing this, OP and his Mrs can just use the deposit he's got to buy their own place?
So confused...0 -
It appears the only benefit of their plan is to get rid of the debts, quite dishonestly by the looks of things.
Sell up, pay the debts - don't ruin anyone's relationships or credit scores.Thinking critically since 1996....0
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