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Can I buy my parents house?
Dougaloug
Posts: 6 Forumite
Hi
My parents are downsizing and about to sell there home. I am on the market as a first time buyer and would very much like to buy the house they are leaving, lots of sentimental value and in my price range, however, my parents have very generously offered to contribute towards my deposit from the money they make from the sale of the house. Would this be possible if it is me that they sell to?
I really don't want to miss out on this house due to a technicality and any help with this matter would be greatly appreciated.
My parents are downsizing and about to sell there home. I am on the market as a first time buyer and would very much like to buy the house they are leaving, lots of sentimental value and in my price range, however, my parents have very generously offered to contribute towards my deposit from the money they make from the sale of the house. Would this be possible if it is me that they sell to?
I really don't want to miss out on this house due to a technicality and any help with this matter would be greatly appreciated.
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Comments
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Yes - and some lenders will let you use the discount as all or part of your deposit.
There are some other implications for all parties but shouldn't be insurmountableHi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
Much appreciated. Just need to go get a mortgage!0
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This is an application best undertaken via a mortgage broker Doug.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
If they are going to reduce the price at which they sell the property to you and the reduction will form part of your deposit, you need to utter the magic words "concessionary purchase" and in the wrong place you will get looks of utter bewilderment.
If they will sell to you at market price, but will gift you a cash deposit, expect to have to demonstrate the source of the funds and provide written confirmation of the "gift" and their lack of interest in the property.
Either way, they will NOT be able to continue to live in the property.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
kingstreet wrote: »
Either way, they will NOT be able to continue to live in the property.
Depending on the Lender.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Okay, the minority of lenders willing to lend may allow them to continue to reside in the property...I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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Thanks for all the help everyone. Really appreciate it.0
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