• Gifting A Property

    By Guest on 15th Sep 2016

    my father has a property circa 250k. I wanted to know if i could buy the property from my father and he continues to live there, i have a brother and sister and wanted to pay two thirds of the value as i would inherit a third, can i buy the property at a lower value, and is this all legal and above board?

  • 1 Answers

    By Guest on 26/11/2016

    Yes this is fine. If you will be buying with a mortgage make sure it is made clear to the lender at the outset that you are buying the property for less than market value. Don't let your broker convince you to tell the lender that you are getting a "vendor gifted deposit" as this is misleading and will only cause you problems when it is picked up by your solicitor. You will also need the lender's consent for your father to remain in the property which many lenders will not agree to unless you are living there as well.

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