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Buying property from dad
Shoegirl2017
Posts: 1 Newbie
My dad has agreed to sell his house to me for £315k. He has said that he wants £200k to be paid to him and the rest will be ours as equity. How will this work with getting a mortgage? Thank you in advance
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Comments
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Is your father selling you his home (Principal Private Residence)?
Or is he selling you another property that he owns in addition to his PPR? (If so, your father will need to consider the CGT position.)
In either case, an accurate, up to date valuation of the property should be obtained.
The amount by which the property is undervalued will be regarded as a gift.
As a gift, there may be IHT considerations.
Will this be your only property or will you be buying it as an additional property? (If so, consider the extra SDLT implications.)0 -
don't forget the deprivation of assets issue as well"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
The £115k equity being gifted to you would count towards your deposit and you'd apply for a £200k mortgage to cover the rest.0
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Where is he going to live after this transaction?0
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