Here’s one to get the thoughts around…
Flo and I are working toward buying her parents house after I turn 55 at the end of August. This date is crucial as it is only then that I can access my pension for the thick end of the price.
Here is the interesting bit - with the question at the end :
The value of the house is 177K euro.
Flo has a brother.
Flo’s parents need some money for their ongoing retirement (they were both teachers so have very good pensions anyway).
Flo’s mum has suggested that we pay 118K euro for the house which would be the 177K less 59K (1/3rd off the price). From this 118K euro, her mum will pass 59K euro to Flo’s brother and keep 59K euro for herself.
I am perfectly happy with this arrangement as, effectively, we are paying less for the house.
However, can mother-in-law instruct the Notaire to insert 118K euro into the contract or must it be the full value of 177K?
If so, will this mean that the Notaire’s fees and taxes will be calculated on the 118K and not the 177K?
And when we approach the bank for the top up mortgage, will THEY accept the value as 118K?
Sorry for the many questions - as you can guess, no Agency is involved in this as it is purely an internal family transaction. In effect, mother-in-law is ‘releasing’ a part of Flo and her brother’s inheritance early as they would have inherited the house in the end anyway.
Thanks for any insight in advance!