UK Property Law
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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.
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