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Buying property from parents to renovate and sell

dug1001 · 2019-06-05 11:36:58

Hi all, My grandmother has passed away and left her flat to my parents I'm considering buying it from them, modernising, converting to a two bed etc to sell on. The flat is worth around 370,000 in is current condition (crazy London prices) so I am looking at potentially remortgaging our house to raise a 25% deposit for a…

Comments

AnotherJoe Posts: 19,622 Forumite

6 June 2019 at 7:57AM

The only realistic solution, which is very realistic considering that you intend to do up and then sell gm's flat, is as a couple of people have said, you come to agreement with your parents whereby flat is valued now, you do all the work, sell it and take the profits and they take the original valuation. It remains in their possession until sold.
That avoids pointless and huge stamp duty and legal costs.
One other set of questions regards the work . - what's your level of experience here, will you do the work yourself, get builders in, can you get agreement from the leaseholder for these works, how is the lease length on this property?

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