Hi.
I’m in the process of buying a new house. The sale of current property plus additional mortgage will fund the purchase. However the stamp duty, legal fees etc were due to be funded by some inheritance. Everything has happened more quickly than expected and probate hasn’t finished yet. My parents are happy to give me the money in advance so we can proceed and then deduct it from what’s passed on when probate is complete.
How do we clarify this for mortgage and solicitor purposes?
If we call it a 0% loan then it impacts the mortgage. And they’re advancing me my own money if you see what I mean?
is better to call it a gift and then just sort the rest out between us later? What’s the potential impact of that if any?
thanks!