Hi

superdeal

Hi ,

Shopping around . Id like views for a friend. Three people live in a mid terrace prop. Their elderly mother owns the home and still lives there. Sons think....we could maybe buy this property and enable their Mother to gain some.

How do the sons get the best valuation for the property. When that is established....what best mortgage options should the sons look at ( one son taxi driver 47 , the other unwaged , incapacitated on benefits ).

Guessing value is around 120 thousand pounds ?

Any TAX issues that may assist in purchase ( taxi driver is self employed )..please advise.

What option of mortgage should the sons look at.....Taxi driver is only working 1.5 yrs ( full time ) ...good rep?

Also...please advise on best insurance options to cover mortgage repayments ( if Taxi driver is suddenly out of work ) ?

Early stages, all good advice welcome,

Superdeal

GMS

Enable Mum to gain some what?

If they purchase from Mum at undervalue with Mum gifting the deposit then she would almost certainly need to move out once purchase completes as she would have an interest in the property due to gifting deposit and residing but not being party to the mortgage.

No tax issues attached to buying a property. Income would need to be sufficient and proven.

If Mum required care in the future there could be issues with selling at undervalue. I assume undervalue for deposit purposes, unless the family have deposit elsewhere?

hcb42

Normal advice is to google Deprivation of Assets.

Has son got a deposit? He would need to be earning a fair amount to borrow enough I would guess. Also what age does he want to retire..

superdeal

Hi,....many thanks for the prompt replies. Sons hope to give Mother a fair price for the house ( and with it a fair profit ).

Can a mortgage be gained? Taxi driver earns 24K a year , other bro receives around 8K a year, is the idea outrageous?

Mother MUST remain inhouse, family will fulltime care etc. No gifting considered,.....

About detail.....on the default deposit .....what cash is needed for 120K...?

I simply don't know.....lets talk detail.....ask and we can focus?

superdeal

GMS

Mother remaining will cause issues. Effectively a 'sale and rent back' scenario.

superdeal

Hi,

When time permtis, Do advise all detail required for both sons to initiate the issue.

superdeal

GMS

Speak to a broker or speak to lenders directly.

Be 100% up front regarding the requirements