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  • FIRST POST
    • squidgy19
    • By squidgy19 14th Jun 19, 8:57 PM
    • 1Posts
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    squidgy19
    Buying below market value
    • #1
    • 14th Jun 19, 8:57 PM
    Buying below market value 14th Jun 19 at 8:57 PM
    Hi all Iím after some quick advice . My dad moved into sheltered housing at the beginning of the year for which he pays his own rent . His house has been sat empty and is in a bad state of repair . My dad has offered me the house for £55000 itís probably worth about 80 grand but he just wants rid of it . What I want to know is can I buy it for less than the market value . Any advice appreciated.
Page 1
    • scholesfan88
    • By scholesfan88 15th Jun 19, 12:00 AM
    • 214 Posts
    • 156 Thanks
    scholesfan88
    • #2
    • 15th Jun 19, 12:00 AM
    • #2
    • 15th Jun 19, 12:00 AM
    You could buy it for £1 if that's what he wished to sell it for
    • shortcrust
    • By shortcrust 15th Jun 19, 12:11 AM
    • 2,516 Posts
    • 3,977 Thanks
    shortcrust
    • #3
    • 15th Jun 19, 12:11 AM
    • #3
    • 15th Jun 19, 12:11 AM
    Yes he can sell it to you cheap but it might be considered deprivation of assets if he needs state support for care in the future.

    https://www.ageuk.org.uk/information-advice/care/paying-for-care/paying-for-a-care-home/deprivation-of-assets/
    • laurenpurdy123
    • By laurenpurdy123 16th Jun 19, 7:36 PM
    • 676 Posts
    • 10,307 Thanks
    laurenpurdy123
    • #4
    • 16th Jun 19, 7:36 PM
    • #4
    • 16th Jun 19, 7:36 PM
    Have a look at lease options. You can agree on a purchase price now - £80k for example, but pay rent on it for a few years. Get it up to scratch and how you want it then purchase at a later date. Leasing gives you the option to treat it like your own, your dad will receive money every month and you have an agreed sale price for a later date. Have a read in to it. Also speak to a financial/mortgage advisor before doing anything! Good luck.
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