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JGM
JGM, Solicitor
Category: Law
Satisfied Customers: 12199
Experience:  30 years as a practising solicitor.
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Madam, I would like to sell my house to my son

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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.
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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