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Buachaill, Barrister
Category: Law
Satisfied Customers: 10796
Experience:  Barrister 17 years experience
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I have sold a property at a verbally agreed price of £100k.

Customer Question

I have sold a property at a verbally agreed price of £100k. she has asked me to tell my solicitor the price is £80k as she is taking out a business loan for that amount and she will give me £20k in cash prior to me signing the flat over. Is this legal?
Submitted: 1 year ago.
Category: Law
Expert:  Buachaill replied 1 year ago.
1. Dear *****, I regret to say that it is not legal to falsify the true sale price of a flat. Here, it will not be just the solicitor whom you will be misleading but also the HMRC and whoever is providing the loan to buy the flat. So I would not advise this course of action.
Expert:  Buachaill replied 1 year ago.
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Customer: replied 1 year ago.
You confirmed my concerns thank you. If i deposit that amount of money it would raise more questions than i could answer. Could she buy the freehold as the flat is leasehold and consider it to be this cash payment?
Expert:  Buachaill replied 1 year ago.
3. It is not possible to sell the freehold interest in a flat where you only hold the leasehold interest. A freehold interest is a greater interest than a leasehold interest. Again, I would suggest if you seek to do something that you do it correctly.
Customer: replied 1 year ago.
Thank you. I appreciate the prompt response. Its just not gonna happen.
Expert:  Buachaill replied 1 year ago.
4. You are welcome. Best wishes.