Inter family sale

Concessionary purchase is acceptable, where the vendor of the property is a family member of the applicant(s) and is willing to sell to them, the property at a reduced (concessionary) price. There is no limit to the sum gifted in this manner, however, the Society’s solicitors must ensure that any gifted equity is protected in the form of Deed of Gift(s) / bankruptcy indemnity insurance. Appropriate conditions must be added to the binding offer prior to release. Applicants must contribute a minimum of 5% of the concessionary purchase price, as a deposit (this can be gifted).