Private buying/no agent/no mortgage query

PupPup

Hi all
Not been on here for a while, but got a question about house-buying and knew this would be the best place to ask for advice 🙂
My grandma sadly passed away in December. My parents are going to move into her house and sell theirs. I lived in their house most of my life and would like to buy it from them.
I will struggle to get sufficient mortgage on my current wage, but will get an inheritance of approx £10k from my grandma's estate. My parents' house has been valued at £200k to £220k.
I would like to give my parents the £10k and then pay them a monthly amount (I would suggest £650, as this is what I currently pay in rent) directly to pay off the rest.
Does anyone know what the legalities are around doing this, or what sort of lawyer I would need to speak to to get advice? Would a conveyancing solicitor be able to help?
Many thanks in advance 🙂
PupPup

MovingForwards

Normal conveyancing solicitors who will prepare the necessary contract for a private mortgage and deal with the transfer, register the mortgage etc.

Your parents will need their own.

If there is an outstanding mortgage on your parents property that will have to be paid off.

PupPup

Thank you 🙂
I will see if I can get some further advice remotely from a local conveyancer. 

davidmcn

PupPup said:

I would like to give my parents the £10k and then pay them a monthly amount (I would suggest £650, as this is what I currently pay in rent) directly to pay off the rest.

Are your parents happy with that in principle? £200k / £650 = over 25 years of payments even if you assume no interest. Is the fact that you used to live in the property a good enough reason for you to buy it rather than something else?

[Deleted User]

Before worrying about how to buy this house, I think you need to ask yourself some questions (even if you don't want to). 

£650 may be what you paid on your previous rental but you will have to find out if this is reasonable and acceptable to your parents for their house.  The deposit may be all you will have, but its still a fairly low amount.  You don't even have it yet.  If you haven't managed to save a deposit for house buying purposes (you only have the money if you get it from your Grandmother's estate), do you have enough income and the  financial ability to maintain your parents house and pay the bills, live a life and pay £650 a month?  How old are your parents.., do they need the large cash amount they would get from selling their house the traditional way?

Your parents may be fine with this, but how will you handle it if they are not?  It could put them in a difficult position. If you can't manage financially, it could put you in a difficult position.