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Stuart J
Stuart J, Property Solicitor
Category: Property Law
Satisfied Customers: 23089
Experience:  Senior Partner at Berkson Wallace
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I would like to give you information so that my question

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Hi,I would like to give you information so that my question make sense to you.My nan aged 79 has a 3 bed freehold semi-detached property in London Enfield which she has a will that when she passes away it will be split between 4 of her grandchildren me being one of them. One of the grand children is 29 years old, the other is 32 years old, im 27 years old and the youngest is 15 years old. The property is valued at £400,000, so each grandchild has a share of £100,000I have recently decided to purchase the property at this value (£400,000) on the condition that me and my youngest brother aged 15 keep our share in the property, therefore mortgage for me to purchase the property would be £200,000 and once my younger brother turns 18 i would refinance the property and give his share of £100,000.Questions:1) From what i have written do you see any issues occurring as the property value is £400,000 and its being sold to me for £200,000?
2) If heaven for bid my nan requires medical attention e.g. due to stroke, would this be a problem? because i talked to people and they stated that in circumstances the local council can revert back the sale of the property to cover the medical cost e.g. nursing home fees, if the property was sold to a relative.
3) How would the stamp due be calculate for a sale like this? would it be based on £400,000 or £200,000? (This will be my first home)Kind Regards
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Customer: replied 4 months ago.
Hi nicola,
Im okay to wait for an answerThanks
Customer: replied 4 months ago.
Hi, Is there any news regarding my question?

Nicola has asked me to look at this question for you. I have been off-line and that explains the delay. I apologise for the wait.

This is potentially problematical for you if your grandmother goes into care. The whole of the property is at risk apart from the last £23,000.

Therefore, your purchase at £200,000 would be a sale undervalue and of more than £200,000 was needed to pay for your grandmother’s care, the local authority would insist that the property was sold. What you have been told at point 2 is correct.

Stamp duty would be based on the purchase price.

Hello again. Can I assist you any further with this?

If not, if you could use the rating service, it helped me greatly because it gets me paid and it doesn’t cost you anything. Thank you

Stuart J, Property Solicitor
Category: Property Law
Satisfied Customers: 23089
Experience: Senior Partner at Berkson Wallace
Stuart J and other Property Law Specialists are ready to help you
Customer: replied 3 months ago.
Hi Stuart,
Thank you for your response and confirming this with me i will give you 5 star rating.

Kind regards