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Ask Clare Your Own Question
Clare
Clare, Solicitor
Category: Property Law
Satisfied Customers: 35566
Experience:  I have been a solicitor in High Street Practise since 1985 with a wide general experience.
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I have agreed to buy the house we live in from my mother. We

Customer Question

Hi,I have agreed to buy the house we live in from my mother. We have agreed that the purchase price will be £147k, she has said she will give us £37k of her equity to use as our deposit so we need to get a mortgage for £110k and she will take the £110k. I would just like to know if this is possibly to do legally and how we would go about it?Thanks
Submitted: 7 months ago.
Category: Property Law
Expert:  Clare replied 7 months ago.

My name is Clare

I shall do my best to help you but I need some further information first

For clarity - will your mother be moving out?

Customer: replied 7 months ago.
She doesn't live here, she has another house. We have lived here for 7 years.
Expert:  Clare replied 7 months ago.

Thank you for that

Yes this is not unusual and it is perfectly possible to do.

You will need to explain the circumstances to your mortgage broker - and your mother will need to sign a statement confirming that this is a "gifted deposit" and she will not continue to have any interest in the property.

Your Conveyancer will be able to sort this out - but it would be better to chode a High Street Conveyancer for this reason

I hope that this is of assistance - please ask if you need further details