Hi,
A family member (lets say brother) is looking to buy a new house. They have found their ideal house that is now under offer, the vendors of this house are looking to complete ASAP. My brother does not yet have their home on the market but is intending to put it on next week.
My parents are in a position to buy the home in cash and sell it back to my brother for a combination of the equity in his existing house and a mortgage once the sale of his house goes through.
Is there a way of doing this that will not attract 2 sets of stamp duty & solicitors fees? Would the bank offering my brother a mortgage have an issue with purchasing the house from parents?
Is the above proposal destined for disaster? It looks to me that it could be quite messy but doable.
Is there another way to complete the purchase of the new home in a short time frame that they are missing?
Figures involved.
Brothers Home value- €500k with €100k o/s on mortgage
New home value- €800k
Brother and spouse combined salary- Circa €180k p/a
Thanks
David
A family member (lets say brother) is looking to buy a new house. They have found their ideal house that is now under offer, the vendors of this house are looking to complete ASAP. My brother does not yet have their home on the market but is intending to put it on next week.
My parents are in a position to buy the home in cash and sell it back to my brother for a combination of the equity in his existing house and a mortgage once the sale of his house goes through.
Is there a way of doing this that will not attract 2 sets of stamp duty & solicitors fees? Would the bank offering my brother a mortgage have an issue with purchasing the house from parents?
Is the above proposal destined for disaster? It looks to me that it could be quite messy but doable.
Is there another way to complete the purchase of the new home in a short time frame that they are missing?
Figures involved.
Brothers Home value- €500k with €100k o/s on mortgage
New home value- €800k
Brother and spouse combined salary- Circa €180k p/a
Thanks
David