Buying my parents house - few Q's

[MX5_Nuts]

Myself and my partner are planning on buying my parents house which they want to sell to downsize. We're actually both living there at the moment so this would be really beneficial to us as we're first time buyers and saves messing around with various chains providing my parents can find an empty house to move into.

Am I right in thinking we don't need to go through an Estate agent as we are the buyers? They've visited one today just to arrange a free valuation which we'll obviously need. Also, can both myself and parents use the same solicitors to keep things simple/speed things up?

Appreciate these are probably daft questions but its all new to me..

Thanks

[Sarnie]

MX5_Nuts said:

Myself and my partner are planning on buying my parents house which they want to sell to downsize. We're actually both living there at the moment so this would be really beneficial to us as we're first time buyers and saves messing around with various chains providing my parents can find an empty house to move into.

Am I right in thinking we don't need to go through an Estate agent as we are the buyers? They've visited one today just to arrange a free valuation which we'll obviously need. Also, can both myself and parents use the same solicitors to keep things simple/speed things up?

Appreciate these are probably daft questions but its all new to me..

Thanks

No Estate Agents needed and you'll find that you can't use the same individual solicitor as that would be a conflict of interests but you may be able to use a different solicitor but from the same firm.....

[MX5_Nuts]

Thanks again Sarnie

[soprano]

Sarnie said:

No Estate Agents needed and you'll find that you can't use the same individual solicitor as that would be a conflict of interests but you may be able to use a different solicitor but from the same firm.....

If conflict of interest is an issue you won't be able to use two solicitors at the same firm, as it would be the firm that is conflicted rather than the individual solicitor.

[Sarnie]

soprano said:

If conflict of interest is an issue you won't be able to use two solicitors at the same firm, as it would be the firm that is conflicted rather than the individual solicitor.

I've had clients using the same firm as their vendors but different solicitors within the firms......

[Eric Mc]

Same here - although the purchase was a plot of land rather than a house.

[98elise]

Sarnie said:

MX5_Nuts said:

Myself and my partner are planning on buying my parents house which they want to sell to downsize. We're actually both living there at the moment so this would be really beneficial to us as we're first time buyers and saves messing around with various chains providing my parents can find an empty house to move into.

Am I right in thinking we don't need to go through an Estate agent as we are the buyers? They've visited one today just to arrange a free valuation which we'll obviously need. Also, can both myself and parents use the same solicitors to keep things simple/speed things up?

Appreciate these are probably daft questions but its all new to me..

Thanks

No Estate Agents needed and you'll find that you can't use the same individual solicitor as that would be a conflict of interests but you may be able to use a different solicitor but from the same firm.....

This. Estate agents add very little to the buying selling process. I've bought and sold quite a few times int he past 6 years and only 50% involved an EA. As sarnie says, in one deal we both used the same solicitors, but different partners. This can keep costs down, and speed things along.

[Craikeybaby]

We bought a house from my mother in law, no estate agents involved. However, it took ages for the purchase to go through due to the solicitors. We actually ended up moving in a few months before buying it, so that the sale of my flat could go ahead.

[Gareth79]

Presumably the mortgage company might object to the vendors still living in the house at sale time, since it wouldn't be vacant possession? Possibly since it's family that might be acceptable though?

[soprano]

soprano said:

If conflict of interest is an issue you won't be able to use two solicitors at the same firm, as it would be the firm that is conflicted rather than the individual solicitor.

In which case they are playing a very dangerous game if something goes wrong with the transaction!

ETA - sorry didn't mean to quote myself, meant to quote Sarnie/Eric

[MX5_Nuts]

Gareth79 said:

Presumably the mortgage company might object to the vendors still living in the house at sale time, since it wouldn't be vacant possession? Possibly since it's family that might be acceptable though?

Ahh would this really likely cause a problem? This didn't cross my mind

[Sarnie]

MX5_Nuts said:

Ahh would this really likely cause a problem? This didn't cross my mind

Yes, vendors can't be remaining in the property at completion.....

[MitchT]

Sarnie said:

Yes, vendors can't be remaining in the property at completion.....

What if the vendors were becoming tenants?

[Sarnie]

MitchT said:

What if the vendors were becoming tenants?

Then they aren't moving out are they?

[MitchT]

Sarnie said:

Then they aren't moving out are they?

No, but my point is, if someone wanted to sell their house and were happy to subsequently rent it from the new owner, would they have to physically move out so the right box was ticked for completion to happen? It would be a lot of hassle just to end up back where they already were.

[Sarnie]

MitchT said:

No, but my point is, if someone wanted to sell their house and were happy to subsequently rent it from the new owner, would they have to physically move out so the right box was ticked for completion to happen? It would be a lot of hassle just to end up back where they already were.

Google "sale and rent back schemes"....................big no no.

[MitchT]

All that Google suggests is that it is allowed but you have to be careful, though you mention "schemes" whereas I simply mean selling the house to a regular buyer rather than a company administering a scheme.

I just wondered if it would be a solution for the OP to have their parents as tenants if it got around them not otherwise being allowed to be in the house at completion, which itself seems like an odd rule to have.

[Sarnie]

MitchT said:

All that Google suggests is that it is allowed but you have to be careful, though you mention "schemes" whereas I simply mean selling the house to a regular buyer rather than a company administering a scheme.

I just wondered if it would be a solution for the OP to have their parents as tenants if it got around them not otherwise being allowed to be in the house at completion, which itself seems like an odd rule to have.

Selling a house to a regular buyer and then becoming the tenant is still "sale and rent back"..........ring a mortgage company and ask them if they'd be happy with this........

[MitchT]

Fine, but it makes no sense that they wouldn't be happy with it. What difference does it make? A tenant is a tenant. Forcing someone to move out of a house just to move back after some paperwork has been done seems like a load of hassle for no reason.

[Sarnie]

MitchT said:

Fine, but it makes no sense that they wouldn't be happy with it. What difference does it make? A tenant is a tenant. Forcing someone to move out of a house just to move back after some paperwork has been done seems like a load of hassle for no reason.

You are discussing two different points......sale & rent back......and vacant possession............even if the vendors moved out and moved back in, thats still sale & rent back.........