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Is this too dodgy?

2

Comments

  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Bobbyjim wrote: »
    they wouldn't know about the extra cash.

    Except they would, because once the seller comes to his senses, he'll realise that he needs a contract for the £40k.
  • AdrianC
    AdrianC Posts: 42,189 Forumite
    Eighth Anniversary 10,000 Posts Name Dropper
    I'd be very surprised if their solicitor would let them do it that way.
  • seven-day-weekend
    seven-day-weekend Posts: 36,755 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    In Spain people buy houses this way all the time, despite the fact that it is illegal and is tax evasion and money laundering. :(

    We were asked to do this when we sold our house. However, when we sold, we declared the full sold price and therefore any tax payable was paid at that time.

    Don't do it, it is totally illegal in this country too.
    (AKA HRH_MUngo)
    Member #10 of £2 savers club
    Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton
  • robatwork
    robatwork Posts: 7,304 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    They will be paying 200k

    It will appear on land registry / zoopla / rightmove as sold for 160k

    This may well affect the resale value, not to mention the fraudulent nature of the transaction.
  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    seven-day-weekend wrote: »
    In Spain people buy houses this way all the time, despite the fact that it is illegal and is tax evasion and money laundering. :(

    .
    Indeed. and the Greeks...........
  • savingfortomorrow
    savingfortomorrow Posts: 1,058 Forumite
    Sixth Anniversary 1,000 Posts
    your parents could be implicated for avoiding stamp duty and consider if you sell the property later the shortfall, will be liable for more tax.

    a lot of sellers cover this by asking you to pay for contents, a lot of solicitors dont want to know, even in dodgy countries. it will bring nothing but annoyance due to this seller.

    being honest, run away, this seller will mess you about and ask for more. there are other options out there save them a load of stress. buy from a normal person it will be simplier in the long term
  • [Deleted User]
    [Deleted User] Posts: 7,323 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Your parents may well be honest, but if the vendor is going to operate this way.., what else would he be willing to lie about? Would they find there were no fixtures and fittings when they moved in?
  • csgohan4
    csgohan4 Posts: 10,600 Forumite
    Ninth Anniversary 10,000 Posts Name Dropper Photogenic
    edited 30 October 2015 at 1:09PM
    It would be tax fraud, no
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"

    G_M/ Bowlhead99 RIP
  • Rain_Shadow
    Rain_Shadow Posts: 1,798 Forumite
    Bobbyjim wrote: »
    Sorry, I should have clarified: they would not need a mortgage, they're not selling their own house (it's a holiday home) and they'd be cash buyers.
    csgohan4 wrote: »
    It would be mortgage fraud, no
    How do you work that out then?
    You can pick your friends and you can pick your nose but you can't pick your friend's nose.
  • PasturesNew
    PasturesNew Posts: 70,698 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    I doubt the solicitor would allow it.

    Run away.

    It's highly risky, dodgy - and they'd never sleep, always fearing a knock at the door from the fraud/money laundering people.
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