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JGM
JGM, Solicitor
Category: Law
Satisfied Customers: 11146
Experience:  30 years as a practising solicitor.
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Madam, I would like to sell my house to my son

Resolved Question:

Dear Sir / Madam,
I would like to sell my house to my son & daughter in-law at below market value as a means to get them on the property ladder.
The property is valued at 220,00 and I wish to sell for 150,000, is this allowed?
Sincerely,
Ken Gillan.
Submitted: 1 year ago.
Category: Law
Expert:  JGM replied 1 year ago.
Yes it is allowed. There is nothing to stop you selling your house for whatever you want to sell it for. If they are taking a mortgage the lender will have to be told that the house is being bought for less than market value from a parent and the difference between the actual price and the valuation will be terms a "gift of equity" in respect of which most lenders don't have any issues as the value of the security they have is actually greater. I hope that helps. Please leave a positive rating so that I am credited for my time.
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