How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • Go back-and-forth until satisfied
    Rate the answer you receive.
Ask Stuart J Your Own Question
Stuart J
Stuart J, Property Solicitor
Category: Property Law
Satisfied Customers: 22674
Experience:  Senior Partner at Berkson Wallace
11292137
Type Your Property Law Question Here...
Stuart J is online now

I would like to give you information so that my question

Customer Question

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
Submitted: 11 days ago.
Category: Property Law
Expert:  Nicola-mod replied 11 days ago.
Hello,
I've been working hard to find a Professional to assist you with your question, but sometimes finding the right Professional can take a little longer than expected.
I wonder whether you're ok with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.
Thank you!
Nicola
Customer: replied 11 days ago.
Hi nicola,
Im okay to wait for an answerThanks
Customer: replied 10 days ago.
Hi, Is there any news regarding my question?
Expert:  Stuart J replied 9 days ago.

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.