House Buying

[pds]

We are currently renting a house from my girlfriends mum, she now wants to sell and has offered to sell it to us for about 10-20k below what she would get if she put it up for sale. We have been told we can afford this but I was wondering if there were any pitfalls to this that I may have missed.

Are there any issues that could arise from buying a house so much cheaper than it's market value - are there any rules in place regarding this sort of transaction?

Apologies if these questions appear a bit silly but after weeks of trying to sort out where to live in a couple of months time my head is spinning!

 

[Dour]

No problems, except perhaps a sense of moral obligation to the old ratbag.

 

[Cate Fox]

As Dour says no problems present themselves with this - I would snap her hand off tbh. I assume you have a mortgage agreed?

 

[Blaby blue blood]

I would snap her hand off tbh.

I agree, snap it up quickly then put it back on the market for the 20k extra that it is actually worth :icon_wink

 

[pds]

As Dour says no problems present themselves with this - I would snap her hand off tbh. I assume you have a mortgage agreed?

We've got a decision in principle and the monthly payments for the fixed rate mortgage would not be much more than we are paying now. It all seems ok but as I said my head is spinning and I am the most cautious person unfortunately so I'm a little stressed. :icon_lol:

Maybe I should start drinking.

 

[pds]

I agree, snap it up quickly then put it back on the market for the 20k extra that it is actually worth :icon_wink

:icon_lol: Not interested in selling for a good few years. After renting for the last 3 years and constantly having to up root and move on I just want to be some where I can stay with enough space for my little boy to run around in.

 

[Blaby blue blood]

:icon_lol: Not interested in selling for a good few years. After renting for the last 3 years and constantly having to up root and move on I just want to be some where I can stay with enough space for my little boy to run around in.

Understandable mate. With having a little man on the way I am glad I have my own house and relative security it brings. Will be looking to move before he gets to school age tho.

 

[pds]

That's the other good thing - we're just around the corner from the best school in the area.

All seems a bit too good to be true!

 

[Cate Fox]

That's the other good thing - we're just around the corner from the best school in the area.

All seems a bit too good to be true!

Get it sorted and then crack open the champers to celebrate

 

[H T B]

Stop paying the rent, don't move out, 6 months time claim squatters rights.

 

[drummindefender]

Isn't it about time you got married

 

[drummindefender]

OH and it terms of the risks, if she went bankrupt soon after selling you the house you would have a problem.

 

[Leesoh]

Stop paying the rent, don't move out, 6 months time claim squatters rights.

Er, it's 12 years for unregistered land, or 10 years for registered land (in simple terms).

If paying not paying the rent for 6 months gave you the absolute title, nearly all of the rent debtors I deal with would be laughing.

 

[spionfox]

We are currently renting a house from my girlfriends mum, she now wants to sell and has offered to sell it to us for about 10-20k below what she would get if she put it up for sale.

What's her health like? Not trying to avoid any sort of inheritance tax is she?!

 

[Blue Maniac]

What's her health like? Not trying to avoid any sort of inheritance tax is she?!

:icon_lol: ****.

 

[drummindefender]

What's her health like? Not trying to avoid any sort of inheritance tax is she?!

Or care home fees!

 

[Hazzman]

Isn't it about time you got married

Someone's after some Bridesmaid action....

 

[Han]

What's her health like? Not trying to avoid any sort of inheritance tax is she?!

I was hoping someone else would write this so that I wouldn't have to sound like a know-it-all. Although in the current market you may be able to argue that it's still a fair price, the same goes for bankruptcy.

 

[spionfox]

I was hoping someone else would write this so that I wouldn't have to sound like a know-it-all.

Meaning that I do?

**** :icon_lol:

 

[bocadillo]

What's her health like? Not trying to avoid any sort of inheritance tax is she?!

I suppose this could be regarded as a 'burn in hell' comment too, even though it is only a reminder that things might not always be how they seem.