Buying Son's House

[taichiperson]

As above - to help our boy up the property ladder we are buying his house from him (on a cash basis) so that he's not in a chain. We intend to rent the property out after we've bought it and he's moved out. We don't need to use an Estate Agent, so any advice on lawyers would be welcome. I presume we have to pay stamp duty as we already own our own home. Can we use the same lawyer as my son or do we need a separate one?

We are also in the process of selling my mother's house to a cash buyer and hope it will go through in the next couple of weeks. We can cover the cost of buying son's house without waiting to get the cash from the buyers of my mother's house

TYIA

[Canary42]

You can use the same solicitor although there are some who would not take it on that basis.

[Buenchico]

You can use the same solicitor as there's no conflict of interest. (When I sold part of my garden to a neighbour we used the same solicitor).

You'll pay a higher rate of Stamp Duty because there's a 3% surcharge on 'second homes' and 'buy to let' properties:
https://www.moneyadviceservice.org.uk/en/articles/everything-you-need-to-know-about-stamp-duty#stamp-duty-on-second-homes

[anneasquith]

Excuse me T. Chris is health improving "

[Buenchico]

(With apologies to Taichiperson):

I'm getting there slowly, thank you, Anne. I'm now walking down to the local Co-op (rather than taking the car) and I even managed a little trip out with friends (with me doing the driving) yesterday afternoon. I still tire fairly quickly but I can put up with that.