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    • globetrotterEB
    • By globetrotterEB 5th Jan 18, 7:34 PM
    • 9Posts
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    globetrotterEB
    Purchasing parents property
    • #1
    • 5th Jan 18, 7:34 PM
    Purchasing parents property 5th Jan 18 at 7:34 PM
    My situation: good income, clear credit history, own a property already which I will not sell.

    My elderly parents mortgage on their own property is coming to an end with a balance of 44,000. The property value is 100,000. Rather than lose the house and be forced to put it on the market, they want me to purchase the property from them for 65,000 with a 10% deposit.

    Is this the solution to their problem, or can they still remain in the property some other way. They do not wish to lose the house and become homeless.
Page 1
    • kingstreet
    • By kingstreet 5th Jan 18, 7:50 PM
    • 33,575 Posts
    • 18,212 Thanks
    kingstreet
    • #2
    • 5th Jan 18, 7:50 PM
    • #2
    • 5th Jan 18, 7:50 PM
    Get professional advice.

    Sale to you at undervalue with them remaining in the property is fraught with dangers.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • silvercar
    • By silvercar 5th Jan 18, 9:58 PM
    • 37,310 Posts
    • 157,171 Thanks
    silvercar
    • #3
    • 5th Jan 18, 9:58 PM
    • #3
    • 5th Jan 18, 9:58 PM
    Get professional advice.

    Sale to you at undervalue with them remaining in the property is fraught with dangers.
    Originally posted by kingstreet
    Agreed. The last thing you want is for them to need care or benefits and be accused of 'deprivation of assets'. Or the property to need to be sold in order to pay for care.

    If you do want to do this you need an accountant to advise on the tax issues that may arise.
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