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Buachaill, Barrister
Category: Law
Satisfied Customers: 10955
Experience:  Barrister 17 years experience
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I have sold a property at a verbally agreed price of £100k.

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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?
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.
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Customer: replied 2 years 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?
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 2 years ago.
Thank you. I appreciate the prompt response. Its just not gonna happen.
4. You are welcome. Best wishes.