quote:Originally posted by johnnymomo1: just to clarify m8,,,,
are you paying 125k in total or 125k plus the 8k....just a bit unsure from your last post.....if it is 125k in total then just get a loan for 125k less 5% which you can then use your deposit to add up to 125k, anything over 125k may be subject to 1% stamp duty
Yes mate, 125k including the 8k deposit. _________________ "Any backups supplied to you are on the understanding that you own the original copy"
Will the lender not send someone round to value the property, they will then value it at £145k and we'll be stuffed? Or am i missing the point here? Thanks. _________________ "Any backups supplied to you are on the understanding that you own the original copy"
they tend to only value it at the purchase price, however, you are simply putting in an offer , not many people are getting asking price at the moment, in fact some are taking more of a hit than 20k on a property _________________ any dvds/cd supplied by me are on the understanding you own the original if not the backup must be destroyed in 24 hours
http://www.disqworld.net/forums/viewtopic.php?t=65015
iv done this on one occasion where i was purchasing a property in leeds below market value from a mate. i used Birmingham midshires, who do 5% gifted deposit and then i put in another 10%.
property was valued at £135k 5%(£6.75k gifted i put in £13.5k cash)
product was 15% buy to let. upon completion my mate sent back the £13.5k.
if you have 10% deposit buy the house at full market value of £145k and then tell your grandma to send back the difference of 20k
thing the idea of keeping it to 125k is to avoid the £1450 in stamp duty on a price of 145k _________________ Any Sales/Trades/Purchases made by me are done so on the understanding I /You own the original. If not they will be destroyed within 24 hours
click below for refs
http://www.disqworld.net/forums/viewtopic.php?t=159312
just put it through at 125k and if anybody questions it just say you thought that was what it was worth, after all you are doing a private sale. Many people sell for ay below its valuation, especially with repossesions happening and people lowering prices from the inflated figures from last year _________________ any dvds/cd supplied by me are on the understanding you own the original if not the backup must be destroyed in 24 hours
http://www.disqworld.net/forums/viewtopic.php?t=65015
quote:Originally posted by johnnymomo1: just put it through at 125k and if anybody questions it just say you thought that was what it was worth, after all you are doing a private sale. Many people sell for ay below its valuation, especially with repossesions happening and people lowering prices from the inflated figures from last year
Thanks for the advice! _________________ "Any backups supplied to you are on the understanding that you own the original copy"
just one leftfielder here - god forbid that it should happen but if your gran dies in under 7 years and there is more to the estate than just the house you could be left with an inhertitance tax problem - ie they could read it as avoidance _________________ backups purchased/supplied are on the basis that I/you own the orginal.
when the house is valued the surveyor will value it at the price your paying, to be fair the diffference isnt that great between asking price and purchase price, prices have also fallen so it will be treated as a normal offer below asking price, again plenty of people are reducing by larger ammounts _________________ any dvds/cd supplied by me are on the understanding you own the original if not the backup must be destroyed in 24 hours
http://www.disqworld.net/forums/viewtopic.php?t=65015
I see two ways of doing this.
House is worth 145k and you'll get it for 125k from your Gran
1: Is there a mortgage on the property already?
If there is get your Gran to remortgage adding you to the mortgage, you can then use the market value of the property + your 8k and borrow against that giving you a 28k deposit, then after a while get your Gran to sign it over to you fully (if done correctly through a solicitor then it can be done legally and all above board)
2: If there isn't a mortgage already then get your Gran to add you to the deeds with her name (again through a solicitor with a seperate legal agreement explaining everything) and again you'll both be able to get a mortgage using the market value + your 8k, then give your Gran the money and after a short while take her off the deeds etc. _________________ Ruu
Own original or destroy backup.
Just simply buy it for 125 or whatever the price you want to, it will go through without having to resort to more complicated ways....houses in the estate agency that i cover are being sold for similar prices having been reduced from 145, and i have done plenty of mortgages for the same situation, involving solicitors is going to cost money ...that you dont need to spend _________________ any dvds/cd supplied by me are on the understanding you own the original if not the backup must be destroyed in 24 hours
http://www.disqworld.net/forums/viewtopic.php?t=65015
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