Buying house from family member

Hi all,

I plan to buy my first home from a family member.

The scenario is:

- Family member has unoccupied property, which requires extensive renovations

- Family member no longer wants the property and so plans to sell it

- I would like to purchase the property. I have sufficient earnings, but do not have a deposit

- Family member has offered to gift me the deposit by way of equity in the property (i.e. property is valued - sale price is agreed at value - family member only receives money from mortgage - I do not part with any money)

- Family member has no further interest in property

Does anybody know if the above is possible? If so, which lenders would accept the above scenario?

Thanks in advance!