Hello,
I am on the deeds for my parents house. They couldn't qualify for a mortgage as they were too old, so I was added to the mortgage.
I am now buying a house for myself - purchase has been ongoing for 2 months.
However, my can't buy me out from their current home - they just don't have the money.
In the Budget stamp duty on 2nd homes increased for 3% to 5%. This means I will need to find an additional £10k for stamp duty, which I don't have.
I will try to increase the mortgage amount to cover the extra £10kz
If the bank don't, I don't know how I will be able to afford the additional £10k. My parents are already gifting me money, so I cannot ask them any more.
Worst case, I might ask the seller to reduce the price by £3k -£5k but I'd imagine they'd be pissed.
Would you be willing to reduce the price if you were selling.