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They have a couple of options:
1) Second home for relatives - tighter affordability, based on neighbour's ages
2) BTL - not normally allowed, (a few lenders allow regulated BTLs) but heftier deposit requirements and lenders and their valuers tend to dislike properties next door being purchased)
3) Joint mortgage sole proprietor - Deeds in kids name, parents also on mortgage, avoids second home stamp duty. - Will be slow, also affordability driven as above.
If I was the neighbours, this is the way that I'd do it, but definitely won't be done in a week.They could be minted and have large cash reserves, but none of the above will be quick, and the chances of getting a valuer round to value the property for mortgage purposes within a week are almost impossible at the moment.
Acliff-
Thanks for that.
Guess it comes down to whether the seller will wait long enough.
Not sure what difference a week will make to the neighbour's estimates of affordability or likelihood of getting a mortgage.
We've got agreement in principle, will put down 80%+ deposit and our house sale is set for end of Jan.
The house went on the market on Saturday, first viewings Monday, we viewed it Tuesday, by Wednesday it had 3+ offers. Neighbour had to act quick!
nankatsu
That is less than ideal.
Going off our recent experience I'd say it's next to impossible to get a mortgage approved in that time frame at the moment.