Buying property off a relative, help needed

xylophone

Are you in a position to lend your uncle £8000, secured against the property?

He might take the house off the market and buy the freehold.

Then perhaps in the next year or so, you could purchase the property from him at fair market price with the loan deducted?

aeg85

As long as his uncle starts the procedure to buy the freehold once we have sold our house then we can pay for it during the sale so that's what our plan is. He has said that the house has 6 weeks left on the market, if we make an offer before or after then we can discuss getting the ball rolling. Fortunately, they're in no rush to move out as they already have another property waiting for them.

Rambosmum

aeg85 wrote: »

That's what I was thinking, if I feel it's too cheap and I have to ask someone else then I know it is too low.

If the house is on at £215K but we need to pay £6-8K surely he can't expect us to offer the full price. The house is in very good condition, just will need a new kitchen in the next couple of years. This is their second attempt at trying to sell in the past year with no takers whatsoever.

But he knows of the issues with the lease/ freehold and has marketed at that price, presumably on the advice of the estate agent. Therefore it is what they feel it is worth in the current situation.


However a house is only worth what someone will pay for it.


Speak to your uncle.

aeg85

You raise a valid point rambosmum. I'll have to chat with him.