Thank you. There isno legal reason why you cannot do this. However, the lender will wantconfirmation as to why you're buying the property from your parents, well belowthe market value.
Not all lenderswill consider seller gifted deposits so you may need to shop around to findsomeone who will lend on it on this basis, and therefore you may be betterseeing it, an independent mortgage broker who can investigate the situationwith several mortgage companies rather than just you walking up and down thehigh Street lenders and banks.
The other potentialissue is that if ever your parents need to go into care, and the care has to bepaid for, the local authority will look to you to pay for the care and ifnecessary you will have to sell the house if you do not have the money to payit.
Many people thinkthat transferring the property into children's name will means that it escapesliability for care fees. It does not. If the reason for the transfer is toavoid those care fees.
The only way ofguaranteeing it escapes care fee payment is for you to buy it at full marketvalue, but then your parents would have cash obviously. You don't mention carefees, so I assume that was not a consideration but I mention purely forcompleteness.
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).