I may have an opportunity to buy a one bed flat from someone
They currently have someone interested who is going through the motions but things are beginning to look shaky lease issues, etc.
The seller has a deadline to sell by and then will be leaving the country.
If the interested person backs out I would like to buy as the price will be significantly knocked down approaching the sellers deadline.
There are lease issues, etc. but they are not a concern to me I own upstairs!
So Im happy with the setup, the what-seems-scary lease (it isnt really but the solicitors worry) and so on. With this in mind I would be a very easy sale as I wouldnt require many searches. I dont think its in the scope of this to discuss these problems unless some would like to know/thinks they are relevant? I cannot see how.
I think the above covers the selling scenario, so
Now to improve my buying position at a knocked down price in return for speed and convenience Ive negotiated with a member of the family to front the figure in cash for me and then allow me to buy pay them back.
My question is how best to do this?
If they were to buy the place and then sell it on to me we would have two lots of solicitors fees (three in fact?).
But if they fronted me the money and allowed me to buy how could I get a mortgage to effectively pay myself back and then pass the money back to the family?
And wouldnt this all look like money laundering? I was lent a deposit for my current flat and the mortgage company studied the sources of it for a long time before finally approving.
Of course the current interested person may come through and buy but Id like to have a plan if opportunity, quite literally, knocks.
Thanks