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I may be able to buy a house from a family member. It’d be a cash purchase. If we dealt directly I’d still pay for conveyancing so all I’d be saving would be estate agent fees. Is that right? Anything else to consider?
It would be for rental - possibly (but not definitely) to another family family member
Thanks
TS
Just be very careful with buying and renting with family - so many folk fall out over this sort of thing.
Otherwise crack on and yes it should be simple and straightforward
If you already own a property, regardless of where in the UK, you'll need to factor in second home LBTT.
If the family member were to die within 7 years, you'd need to feel comfortable your paid market rate.
Thanks for the input so far.
LBTT would be 0% due to house value.
It’d be a legitimate sale for full market value.
Definitely need EPC and I think home report too - can’t see anywhere it’s not required?
Thanks
TS
No need for home report, its not being openly marketed.
If you find a home you're interested in, ask the seller or their solicitor or estate agent for a Home Report. If it's public knowledge the house is for sale - it should have a home report.
https://www.mygov.scot/buying-a-home/home-report
I didnt need a home report selling a property 'off the market'.
As to the valuation question, we reached agreement with 3 estate agent valuations, and averaged them, when got them to visit with a view to openly marketing.
LBTT would be 0% due to house value
Second home LBTT kicks in at £40k