• Property Bought From Parent At A Reduced Price

    By Guest on 15th Apr 2015

    Good morning, I have been given the opportunity to purchase my Mothers property at a reduced price. I need to pay her cash. So basically she has been living in the property since December 2008 so all searches were carried out then and nothing has changed. I think it would be very easy for myself and my Mother to change the names on the property deeds from her name to my name ? I understand that there are costs involved in the change of names(£12), Stamp Duty(£300). I do not understand why searches have to be made(over £300 quoted) if it is a simple handover of documents as nothing has changed since the property was purchased. My Mother has all the relevant documents from the searches in 2008...
    Why do I have to pay Mums solicitor money to hand over the cash sum when i can deposit the amount straight into her bank account..

    Please can you explain if there are any difficulties on the above as my Mother and myself do not understand why Solicitors need to get invloved as this is very similar to buying a car from one family member to another (ie, we both know the history of the vehicle etc etc etc).

    your advise will be be greatly appreciated,

    many thanks in advance & brgds Graham

  • 1 Answers

    By Guest on 14/10/2016

    You don't have to have searches if you don't want though it is entirely possible that something could have happened in the intervening years since your mother bought that could be revealed and that she does not even know about. As for the money, if your mother has a solicitor then this has to pass through the firm's account as it has to comply with the Proceeds of Crime Act 2002 and Anti-Money Laundering Regulations 2007 and this part of the compliance process

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