Gift of Equity from my parents

celticbhoy1967

Hi There,

i am looking for some advice, my parents need to move house due to health reasons and need to downsize and are top of the list for now social housing , there ae flats being built and they will be moving their in march next year when they are ready, their home is valued at 130k and will need to sell it , as it stands they have around 2 years left on the current term of their mortgage they around 70k equity in this my question is this : is there any way my parents could gift me the deposit using the equity in order to buy the house from them? its more about keeoing it in the family i earn a good wage (just shy of 40k) and could afford the repayments but just not that clued up on mortages, any advise would be greatly appreciated,

Kind regards

Mark

Keep_pedalling

if either of them need care in the future giving away what seems to be their only major asset would be seen as deliberate deprivation of assets. Presumably they will be moving into rented accommodation, so as far as things like housing benefit was concerned they would be treated as though they still had those assets.

celticbhoy1967

Hi There,

thanks for your reply,

sorry i wasnt very clear in my first post, iam only looking for 10% deposit of the value of the property, they have around 70k equity so i would be looking for them to gift me 13k of that to get my own mortgage then buy it from them at that price minus the 'gift ' so to speak..hope that make sense

thanks again

Mark