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In laws buying a property
Comments
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He is fully aware of the 8% stamp duty and prepared for that luckily.marliepanda wrote: »Is the £18,000 stamp duty not going to be an issue (assuming £350k house purchase)!0 -
What is "putting a charge" on a property?0
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Janetedkins01 wrote: »What is "putting a charge" on a property?
it is what mortgage lenders do to stop you selling the property and disappearing with the money.
there are options that can protect the "money" for the child and the grandchild if they are worried you may do a runner.0 -
Ok but if there's no mortgage lenders involved as its a cash sale is it still possible for a charge to be put on the property?0
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Yes, it's not only banks and buildings societies that can place a charge on a property.0
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Waiting,mess, to happen.0
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One possible meaning could be that as well meaning as your inlaws are being, if they try to DIY this good deed they could make it tens of thousands of £££ more expensive for themselves.
There's also the old adage about not mixing family and money. If they are going to mix family and money then it's vital to have all the i's dotted and t's crossed instead of some woolly arrangement.0 -
You could have a simple loan agreement, which says that the in-laws are lending you the money for you and your husband to buy the house in your own name. You and your husband then agree to pay them back at say £500 a month until the loan has been repaid.
This would avoid making the in laws your landlord, and may avoid them paying a higher rate of stamp duty.
The loan agreement could be secured by a charge on the house, or not, it doesn't have to be.
If you want to go down this route you should probably get a solicitor to draw up the agreement. It is worth spending a bit of cash on legal fees to make sure something like this is done properly.0 -
I note that you have a debt management plan in place. Depending on its nature and the earlier events leading up to it, this could man that it might be a good idea for your parents in law to keep ownership themselves.0
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