Best way to buy property from my dad

firecreek

Hi there,
So my dad wants me to buy his property from him,
It’s valued at £430kish and he said I can have it for £210k
What is the best way to do this? I don’t mind if his name is still on the mortgage/re-mortgage but seeing he is 66 (and not in great health) he said he would rather not be.
I have around 30k deposit and earn 45k P/A with good credit history. I’m a first time buyer also.
If I can get some ideas on the best route to take, and also if I should take advantage of help to buy or any other scheme.
I really appreciate any answers.
Thanks guys!

Browntoa

Tax liabilities on the gift of the discount if he sadly died within 7 years

Deprivation of assets if to avoid care fees

David_White

What you are describing is a concessionary purchase and there are lenders out there that will allow you to use the equity in the property without putting down any deposit yourself.

Probably best to engage a broker for something like this as it's not necessarily a straight forward process depending on your exact setup.

amnblog

You definitely need a broker on this one as David says.