Advice on buying house from mother

xylophone

I’d like to draft a formal loan agreement myself (and ideally do it all myself) in the interest of saving fees - would you say that’s unwise?

Yes. 

Remember the chap who wrote a will leaving "all to mother"?

Unfortunately, his wife and his "parent who gave birth"  

https://www.lbc.co.uk/news/replace-term-mother-with-parent-who-has-given-birth-stonewall-tells-employers/

were both known to the family as "Mother".....

SDLT_Geek

OpalMiner11 said:

SDLT_Geek said:

OpalMiner11 said:

SDLT_Geek said:

Have you budgeted for stamp duty land tax on the purchase price?  The extra 3% for additional properties will apply?

Thanks. I am a first time homebuyer and as the property is worth £269k I haven't budgeted for it.

But if it is an investment property it is let and you can’t live in it?  So no first time buyers relief presumably.  You could get it completed within the SDLT holiday?

The tenants are moving out any week as they are buying a property. Ideally it would be nice to get it within the SDLT holiday but I believe under 300k should be ok as a first time buyer too?

First time buyers' relief for SDLT is only available if the buyers intend to live in the property as their only or main residence.  Is this the intention here?  You have never owned a property or a share in one before?

OpalMiner11

SDLT_Geek said:

OpalMiner11 said:

SDLT_Geek said:

OpalMiner11 said:

SDLT_Geek said:

Have you budgeted for stamp duty land tax on the purchase price?  The extra 3% for additional properties will apply?

Thanks. I am a first time homebuyer and as the property is worth £269k I haven't budgeted for it.

But if it is an investment property it is let and you can’t live in it?  So no first time buyers relief presumably.  You could get it completed within the SDLT holiday?

The tenants are moving out any week as they are buying a property. Ideally it would be nice to get it within the SDLT holiday but I believe under 300k should be ok as a first time buyer too?

First time buyers' relief for SDLT is only available if the buyers intend to live in the property as their only or main residence.  Is this the intention here?  You have never owned a property or a share in one before?

That's correct. At least for now. Nope never owned a property or a share in one before.