Buying house from a parent

sunshine909

Does anyone have advice about buying a house off a parent? Obviously we will speak to a solicitor and tax advisor, but looking to see if anyone has advice from personal experience.

Basically we will buy my mum's house from her (which she owns outright, by herself, no mortgage on it), slightly below market value but not hugely. We will then either build a granny flat or extension for her to live in.

Has anyone done this? Would love to hear people's advice based on experience.

Homer

Just be aware that a granny flat needs to be physically connected to the main property to pass planning laws. An extension would be fine and would be still subject to the usual planning rules in relation to square footage and garden size etc. Somebody else might advise on tax implications.

pilly

Neighbours of mine did it, bought the house from his parents and built an extension on the back for the parents.

Now in saying that the parents spend a lot of time abroad so I think they bought a place somewhere else. They don't seem to have any problems with it.

I suppose it depends on how well you get on with your mother.

You might want to sit down and agree certain things beforehand if you're not a very easy-going person. Like she doesn't go into your bedroom and things like that.

I'd imagine it's harder for the in-law if you know what I mean? For your partner in other words? Not easy to live with someone you're not related to.

Irish-Lass

Yes we bought the family home from my parents about 10.5 years ago. My mam still lives in the property - rent free.