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Buying parents house FOR market value
redgold_45
Posts: 7 Forumite
Most everything I Google seems to be links to buying a parent's house for under market value and the implications of doing so, but I was wondering if anyone knows if there's any implications around buying it for market value?
I live at home with my mum and am looking to buy a house, I don't want to move out due to care issues but I'm probably at or near the point where I could afford to purchase her house. She would still be living in the house after I buy it but it puts me on the property ladder and would give her some money.
I know there's also issues around her just signing the house over to me as when she was drawing up her will she was advised against doing so by her solicitor, in my head I'm thinking if she gets the house valued and I buy it for that amount there's no deprecation of assets so nothing wrong and she can't be hit with any tax related issues in the future
I live at home with my mum and am looking to buy a house, I don't want to move out due to care issues but I'm probably at or near the point where I could afford to purchase her house. She would still be living in the house after I buy it but it puts me on the property ladder and would give her some money.
I know there's also issues around her just signing the house over to me as when she was drawing up her will she was advised against doing so by her solicitor, in my head I'm thinking if she gets the house valued and I buy it for that amount there's no deprecation of assets so nothing wrong and she can't be hit with any tax related issues in the future
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Comments
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Would you be looking to get a mortgage? Lenders might well be twitchy about your Mum still living there after the property changes hands as in normal circumstances she will be agreeing to give you full vacant possession on completion.🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
£100k barrier broken 1/4/25SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her3 -
In your shoes Mum (not you) should get at least three agents round to provide written estimates of value if it went on the market. Then file them.
Mortgage is likely to be big problem..2 -
Yeah, I'd need a mortgage rather than buying fully outright. I guess if we got the valuation done then I could arrange a meeting with a mortgage advisorEssexHebridean said:Would you be looking to get a mortgage? Lenders might well be twitchy about your Mum still living there after the property changes hands as in normal circumstances she will be agreeing to give you full vacant possession on completion.0 -
Thanks, looks like it'll be a good idea to talk to someone about the mortgage possibilitiestheartfullodger said:In your shoes Mum (not you) should get at least three agents round to provide written estimates of value if it went on the market. Then file them.
Mortgage is likely to be big problem..0 -
How old are you?
any other relatives there under 16 or under 60?
If your mum needed care and you (or another relative) were over 60 then HER home would be disregarded for paying for care purposes.
If you buy the house and she has money then she may need to spend it on care.0 -
You may need a family mortgage. What you are proposing is fine, speaking to a broker will help you. Good luck.Save £12k in 2024: £13,542/£12,0000
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