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Lifetime ISA and buying a house for less than it is worth
kezatron
Posts: 5 Forumite
Hi,
My Fiance and I are looking to buy a house. We currently rent from my Dad and are considering buying this house from him for a reduce price, with the agreement that when we sold it on this price difference would be returned to him.
We currently pay into LISA's and were wondering what happens to the bonus if we buy a house that is worth over the £450,000 limit for less than £450,000. Does this effect the bonus as the value will be more, or is it done purely on the price we are paying for the house? We didn't know if the fact my Dad owned it originally, that the price difference would be counted as a gift and therefore part of the deposit for the house, so if this would mean that they would view it as us paying the true value for the property, or if it would just be taken as the value we are paying.
I hope this makes sense...
Thank you in advance!
My Fiance and I are looking to buy a house. We currently rent from my Dad and are considering buying this house from him for a reduce price, with the agreement that when we sold it on this price difference would be returned to him.
We currently pay into LISA's and were wondering what happens to the bonus if we buy a house that is worth over the £450,000 limit for less than £450,000. Does this effect the bonus as the value will be more, or is it done purely on the price we are paying for the house? We didn't know if the fact my Dad owned it originally, that the price difference would be counted as a gift and therefore part of the deposit for the house, so if this would mean that they would view it as us paying the true value for the property, or if it would just be taken as the value we are paying.
I hope this makes sense...
Thank you in advance!
0
Comments
-
What you are suggesting is not a gifted deposit because the money is to be returned. He would need to sign away his legal rights to the 'gift' if it was a gift.
You are probably better posting this on the mortgage board for a better response.0 -
Thank you! I'll do that now0
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