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Buying my parents flat
Joey4791
Posts: 1 Newbie
My mother has to sell her home as she needs to move into a council property which suits her needs with regards to her declining health (she has been in a care home in the meantime) and has been told her assets much pay for her care, she was not able to afford her own property as her flat is only worth £60,000 and most properties are much more expensive than this, I wanted to know the implications of me buying the property from her, it is valued at £60,000 and i was hoping to buy it for a lower price due to the amount of work needed.
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Comments
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What is it you're asking? If it's is it possible for you to buy your mother's flat at a reduced price then as long as it's a reasonable market price for a property in need of work you should be ok.
However, if it's substantially under market price then you'll have problems as it will be construed that the low price was to avoid paying the proceeds of the flat towards her care costs.The bigger the bargain, the better I feel.
I should mention that there's only one of me, don't confuse me with others of the same name.0
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