Thank to you both for replies. It's a cottage on an acre site but it's practically derelict & needs extensive renovation. All that will be left of the original house are 3 of the 4 external walls. Roof will have to be replaced & wiring & insulation etc. The bank are classifying it as a new build...
Hi there, my parents have an old house which needs extensive renovation. I am a first time buyer. My parents are willing to gift this to me, however I would like to pay them something for it. We have agreed a sum which is less than 50% of the market value. My query is
(A) are my parents liable...