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Purchasing house from family
Comments
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Grandmother presumably has a will with her intentions of where she wants to leave her money. If you in effect are given £150k advanced inheritance by buying her house under value where does that leave the beneficiaries?
You are likely to be treated more favourably than you should be. This could cause real trouble with the rest of your family - your parents, uncles, aunts and cousins.0 -
fairyfairygirl wrote: »Valued around 750000, only able to offer maximum of 600000, could my father potentially gift us the difference and we pay him back in time?
Is this a professional valuation or one that you think the property is worth.?
If an EA values it at a figure close to your £600k then your max might be an acceptable option0 -
p00hsticks wrote: »Not if the father is gifting his own money rather than grandmas (who he has POA for)
EVen so, either it's a gift or the OP lies about it on the mortgage application and says it's a gift when it's really a loan.
The OP could gift money back to the father at some point in the future but the father would have to be prepared to lose the money if that didn't happen.0 -
You missed my Q in post 2. Does she want to sell?This is an open forum, anyone can post and I just did !0
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