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.
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.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Buying daughter's house below market value.
fittoretire
Posts: 1 Newbie
Our daughter’s marriage has irrevocably broken down.
Their house (current value £160000) is held in joint ownership.
Her husband and she have agreed to sell the house to us for £100000 for a quick resolution, instead of placing the house on the open market, so she can continue to live in it.
Any legal pitfalls?
Their house (current value £160000) is held in joint ownership.
Her husband and she have agreed to sell the house to us for £100000 for a quick resolution, instead of placing the house on the open market, so she can continue to live in it.
Any legal pitfalls?
0
Comments
-
Why not just pay him half the market price (£80k) to buy his half out, and then gift your newly purchased equity to her.
Save yourselves £20k then?0 -
Will you require a mortgage? If not, then it might be better to transfer the property to her sole name and for you to give or lend her the money to buy out her ex. Amnunequal division between her and her ex may well be reasonable, a sale at an undervalue might potemntially guive rise to later claims y her husbnad that he was misled or pressured too, effectively, gift you 60% of their joint propertyAll posts are my personal opinion, not formal advice Always get proper, professional advice (particularly about anything legal!)0
-
What's he getting out of this?0
-
If I was him I'd be getting a lawyer immediately - what a rotten deal!0
-
fittoretire wrote: »Any legal pitfalls?
Hopefully your daughter has legal counsel and isn't being short changed by this proposal.0 -
Hi, If you buy the house in your name and already own a property be ready to pay 3% stamp duty (on top of any other due) as you will own a second property.
Tlc
Edit: not sure why you daughters partner would want to give up half of the additional 60K to save marketing the property.
How much equity do your daughter and her partner have in the property? (After any mortgage). Can you pay him half of the equity they hold and take a joint mortgage with your daughter for the amount of the remaining mortgage owing. You can hold the mortgage/ownership so it transfers to your daughter automatically if anything happens to you.
Tlc0 -
How kind! You get to help your daughter and make £60,000 at the same time...0
-
I don't really get this. Why £100,000 and who is the money going to? Are the contents of the house involved in the settlement?0
-
It's not only the marriage that is breaking down here. Want to see daughter & grandchildren at all?0
-
Spin this around and assume it his parents doing this and he would continue to live there, how would you feel about this towards your Daughter?shortcrust wrote: »How kind! You get to help your daughter and make £60,000 at the same time...
Which I assume will go the Daughter in the future and ex-husband £00
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.4K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards