Is it cheaper to sell a house to a family member?

jo.anne

My son in the process of buying his first home and me and my husband (not his father) we have always talked about moving but never got around to it, has my son grew up in this house he is interested in his family home. The house is worth around £85000 and wondering if we would save money if we sold the house to my son for £5000 less than market value as he is happy with the property and then this gives us the push to do what I and my husband said, due to us being late in life (45 - 50) we would be looking for property around £125000 and aplying for a mortgage for 10 years. Fees seem to be around £1600 and wondering is it cheaper to sell this way?

dunstonh

It would be worth altering your thread title to give an idea of what it is you are talking about.   
You have also posted in the missale and reclaims section.

lisyloo

jo.anne said:

My son in the process of buying his first home and me and my husband (not his father) we have always talked about moving but never got around to it, has my son grew up in this house he is interested in his family home. The house is worth around £85000 and wondering if we would save money if we sold the house to my son for £5000 less than market value as he is happy with the property and then this gives us the push to do what I and my husband said, due to us being late in life (45 - 50) we would be looking for property around £125000 and aplying for a mortgage for 10 years. Fees seem to be around £1600 and wondering is it cheaper to sell this way?

Yes it’s cheaper because you don’t need to pay an estate agent to advertise for you. Otherwise there aren’t any savings.

MalMonroe

I don't think there's anything wrong with your thread title, it's perfectly understandable but as dunstonh says it's in the wrong section. Anyhoo, that isn't a sackable offence as far as I'm aware and I would say that selling your house to your son would be a great idea, especially at that discount. You know where it's going and your son hopefully wouldn't cause any bother as a buyer just as you wouldn't cause any bother as a vendor. 

I also want to say that at the ages 45-50, you are NOT late in life!! Now me, I am. Just about to turn 71 but also considering taking out a 10 year mortgage and buying my own property. You and your husband are spring chickens, enjoy yourselves!! (Coronavirus nothwithstanding, of course.)

dunstonh

I don't think there's anything wrong with your thread title,

It has been changed since it was first posted.