Buying home from Dad and Uncle

Brennen

Hello, new to forum looking for some advice.
I am buying a house from my dad and uncle that they inherited. House is paid off. I will be getting a loan for my uncles half of the house and inheriting my dads hlf. I need advice on how to go about the whole situation. The house is located on our family farm so I would basically be locked and would be really tough to sell down the road if I ever chose to.
Thanks in advance.

Norman_Castle

Make sure there are full access rights to the property as part of the sale to keep its value if the family farm is sold.

Agreeing these now with your family is likely to be much easier and cheaper than during the sale of the farm.

getmore4less

not clear what the situations is.

Is the house sitting in someones estate with dad and uncle as beneficiaries or has it been transferred to them if it has when ?

Is your dad dead(inheritance) or alive(gift) of his share?

does the uncle really need the cash or could he act as the lender and you pay him over time much the same as a mortgage.

Will you be looking at a mortgage or other type of loan.

Can the house be mortgaged? any restrictions on occupancy is it land locked (no right of access from public roads etc.


Most important do you want the house given you think it will be hard to liquidate later? (should reflect in the value)

Keep_pedalling

If the person who left the house died within the last two years, and assuming your father is alive, it would be better for your father to pass his share of the house to you via a deed of variation. This should prevent it ever being part of his estate and subject to IHT should he die within 7 years of the gift.

Brennen

Thanks for the replys
Some things I should be more clear on. My grandfather passed away 3 years ago. That's how they inherited it. Another family member was just renting. Since then but has moved out. Im not interested in renting and my uncle wants to sell his half.
The house and lot has been surveyed so it is its own separate land from the farm which is located directly next door.
So I'm worried that since the farm is next door when I'm ready to move onto a bigger house it will be hard to sell. So wondering how much lower than appraised value since it will be hard to liquidate.
I'm not land locked whatsoever.
With the being a new land and not part of the farms anymore am I going to have to pay an extremely high taxes?
Should I pay to have the home inspected before buying?
I do plan on getting a mortgage loan b/c rates are only like 3%.

getmore4less

So I'm worried that since the farm is next door when I'm ready to move onto a bigger house it will be hard to sell. So wondering how much lower than appraised value since it will be hard to liquidate.

Easiest way to do that is stick it on the open market and see what happens, you could get some guidance from local EA.

Mortgage lender will want to value so that will be another guide.

There will be a few things that will affect the market like the property location, type of farming, size house along with the plot of land and outbuildings that has been put together.

Around where I live, a reasonable size house with a bit of land a stable block will fetch good money and will be an OK sell as there are enough horsey people

A tiny house on a tiny plot next to a cattle shed would be a harder sell.

Sea_Shell

So just to clarify...you want to buy your Uncles half, which means you'd then own it 50/50 with your Father??

Brennen

No the title will solely be in my name. My dad is able to right it up in ththe will that my sister gets x amount of dollars first then everything gets split up. If that makes sense.

Mojisola

Brennen wrote: »

No the title will solely be in my name. My dad is able to right it up in ththe will that my sister gets x amount of dollars first then everything gets split up. If that makes sense.

Which country do you live in?