Family Purchase

Posted on 25 February 2011 by Katie Jacznik

My Mum and Dad own a property and me and husband wish to buy it off them.  If we transfer the deeds through land registry how soon after this can we take out a mortgage on the property?


You can arrange a mortgage on the property before the transfer has completed and your Solicitors will arrange for it to complete on the same day as you buy the property from your parents. This way your parents will receive the agreed sale price without delay.

The type of mortgage will depend on whether or not your parents are going to remain in the property or if you are going to move in. In the first instance you will probably need to arrange a regulated Buy to Let mortgage and in the second a normal residential mortgage.

There Stamp Duty and Inheritance Tax issues that need to be considered with this type of transaction and I recommend that you speak to you Solicitor about these.

I believe you would benefit from speaking to one of our independent mortgage advisers. Please call on 0344 346 3672 and tell the consultant the date of your question, they will be able to look at your situation and advise you accordingly.


Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.

We recommend you seek professional advice with regard to any of these topics where appropriate.

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