Buying from family, with family support my puzzle.

Rob50k

looking for ideas, 
We recently moved into a Dorma Bungalow, we love it, location size everything. We are renting it at present from my Wife's brother, he is a small scale property developer, the property is a business asset not personal. We have joked with him if we are ever in the position to buy it he might have to sell. Well this weekend he asked if we were serious, did we really think we would like to buy it and if so how viable would it be given we could also take advantage of the current stamp duty holiday etc. He then said that he would be happy if there was a way to help us financially to buy it. We both have no idea how that could work, legal issues, practical approach etc. 
We would do it alone but have no deposit to speak of, we have owned and sold properties previously so can't use the government leesa etc. I'm 43 my wife 39 joint income of approx 60k my wife part time but I'm full time, 5yrs in role and neither of us have any bad debt history, had plenty of it but always paid in full. We haven't really looked seriously at buying for around 10yrs since we sold our last house and started renting.
He suggested gifting us money on the basis of paying a strong price for the property, or using a guarantee scheme, but think him being the vendor would make it difficult.
Any ideas great fully received.

DCFC79

Might be useful

https://www.propertyroad.co.uk/selling-property-to-family-member-below-value/

getmore4less

No problem him acting as lender  with you paying down a debt used to buy the place.

Up to him to sort out his tax issue  of CGT and income if there is any deviation from market value and interest charged on the loan.

getmore4less

DCFC79 said:

Might be useful

https://www.propertyroad.co.uk/selling-property-to-family-member-below-value/

There are some horrific errors in that link  I will pick the two worst ones(IMO) there are plenty of others

There are ways to avoid a hefty tax bill and should you own the property outright then you could gift it to a family member at any time and still remain in it.
However, you’ll need to survive for seven years after making the gift to be exempt from inheritance tax.

For those worried that they’ve been gifted a property or substantial equity in a property, and the person who gave them it has passed away within the seven-year limit, then whoever received that gift will need to pay inheritance tax – but only if the value of the property exceeds the £425,000 IHT threshold.
That’s £325,000 in the 2018/19 tax year plus the ‘main residence’ new band of £125,000.