• Sale Of Property From Parent To Children

    By Guest on 02nd Oct 2015

    My brother and I wish to buy our flat from my father. We both provided the deposit for the initial purchase, but as we were both self employed at the time we could not get a mortgage, whereas my father could. We now are employed and able to get a mortgage so want to have the home in our own names. My brother and I will need to get a mortgage to pay off the current mortgage, but otherwise no cash will change hands between us. The value the flat was bought for is above the stamp duty threshold, but it is my fathers primary home (my mum owns their main residence) so I understand that he will not face capital gains on the sale. Can my father gift the property to us, or does he have to sell it to us, and can he sell us the property for below the market value?

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