PLEASE READ BEFORE POSTING
Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
buying parents house
yamyam0909
Posts: 2 Newbie
First ever post so please be kind !!
I've been living with my parents after selling my house a year ago. They have now decided to down size and have offered to sell me there house with a bit knocked off/gifted. It's current value is around £280,000. I can only affored to buy it for £250,000 slipping under the stamp duty threshold.
Is this legal or will I have HMRC chasing me at some point ?
Secondly, I'm trying to get the cheapest mortgage possible so the LTV is important. Will the lender value the house based on the purchase price or it's true value ?
Any help and advice gratefully recieved.
I've been living with my parents after selling my house a year ago. They have now decided to down size and have offered to sell me there house with a bit knocked off/gifted. It's current value is around £280,000. I can only affored to buy it for £250,000 slipping under the stamp duty threshold.
Is this legal or will I have HMRC chasing me at some point ?
Secondly, I'm trying to get the cheapest mortgage possible so the LTV is important. Will the lender value the house based on the purchase price or it's true value ?
Any help and advice gratefully recieved.
0
Comments
-
Given the state of the market, it's highly possible that a house up for £280k would actually sell for £250k. Has the house actually been valued at £280k by an independent valuer or is that just your parents gut feeling.Eat vegetables and fear no creditors, rather than eat duck and hide.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 347.8K Banking & Borrowing
- 251.9K Reduce Debt & Boost Income
- 452.2K Spending & Discounts
- 240.2K Work, Benefits & Business
- 616.3K Mortgages, Homes & Bills
- 175.4K Life & Family
- 253.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 15.1K Coronavirus Support Boards