Buying property from family
Discussion
Not entirely sure where to put this post but figured this makes the most sense.
In short, grandparents have a property of the market (600k) to move into a semi warden controlled new apartment complex due to diminishing health. The current home has been on the family for nearly 40 years and I've always wanted it.
My house has been valued at 280k, I have 120ish of equity in my property.
They came round and said they want me to have the house, it's a bungalow and I've always wanted to take the roof off and extend upwards with my grandad although his health has now got in the way.
They said we could have it for 300k to them to afford to buy the new apartment and have some funds to top up savings to continue a reasonably lavish lifestyle.
300k sale price and remaining 300k of value to be put into trust as inheritance when the inevitable happens.
Is this a viable option ? A solicitor meeting has been booked, but I'm looking to see if anyone has or knows if it's possible.
To clear, this will be my forever home to extend and make my dream home for whatever family I may have on the future.
Thanks in advance
In short, grandparents have a property of the market (600k) to move into a semi warden controlled new apartment complex due to diminishing health. The current home has been on the family for nearly 40 years and I've always wanted it.
My house has been valued at 280k, I have 120ish of equity in my property.
They came round and said they want me to have the house, it's a bungalow and I've always wanted to take the roof off and extend upwards with my grandad although his health has now got in the way.
They said we could have it for 300k to them to afford to buy the new apartment and have some funds to top up savings to continue a reasonably lavish lifestyle.
300k sale price and remaining 300k of value to be put into trust as inheritance when the inevitable happens.
Is this a viable option ? A solicitor meeting has been booked, but I'm looking to see if anyone has or knows if it's possible.
To clear, this will be my forever home to extend and make my dream home for whatever family I may have on the future.
Thanks in advance
Thank you for the reply,
The property will be 100% mine however with the remaining 300k in trust meaning I couldn't sell the property until such times as they've passed.
They are moving into part warden controlled, buying outright and have enough savings/pensions as no need to liquidate assets to fund care.
They have another property to the value of 330k to which they intend to but in trust for my brother as well.
I was merely asking as too wether it is possible whilst we wait for the legal appointment later this week
The property will be 100% mine however with the remaining 300k in trust meaning I couldn't sell the property until such times as they've passed.
They are moving into part warden controlled, buying outright and have enough savings/pensions as no need to liquidate assets to fund care.
They have another property to the value of 330k to which they intend to but in trust for my brother as well.
I was merely asking as too wether it is possible whilst we wait for the legal appointment later this week
Gassing Station | Finance | Top of Page | What's New | My Stuff