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    • travelmonster
    • By travelmonster 10th Jul 17, 10:19 PM
    • 102Posts
    • 2Thanks
    travelmonster
    selling a potion of the property?
    • #1
    • 10th Jul 17, 10:19 PM
    selling a potion of the property? 10th Jul 17 at 10:19 PM
    hi guys

    if I was to sell an equity of my house to somebody privately without needing a mortgage as the friend has the money . will this need to be done through a solicitor. It's only me on the deeds without any mortgage.

    Am I able to do this without instructing a valuer to value the house. we have a rough idea as to how much it's going for. let's say it's 300k. if I was to sell it for 100k. does this mean the friend will own 1/3 of the property? as apposed to 50 percent?

    regards
Page 1
    • Lilla D
    • By Lilla D 10th Jul 17, 10:38 PM
    • 310 Posts
    • 154 Thanks
    Lilla D
    • #2
    • 10th Jul 17, 10:38 PM
    • #2
    • 10th Jul 17, 10:38 PM
    I'll just concentrate on your questions without questioning why you'd want to do such a sale to a friend.

    If you don't have a mortgage and your friend doesn't need a mortgage, then technically you don't have to have a valuation done. However, in view of your posts in March, the value is an interesting matter considering the below market value sale transactions near your house.

    I've never heard of a sale transaction without solicitors who would ensure that the correct paperwork is completed for due diligence, Land Registry and stamp duty.

    Technically it is possible to have any ownership split (it's called tenants in common), but both of you would be well advised to get solicitors involved to understand the implications and ensure that all paperwork is done correctly.
    Last edited by Lilla D; 10-07-2017 at 10:41 PM.
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • travelmonster
    • By travelmonster 10th Jul 17, 10:45 PM
    • 102 Posts
    • 2 Thanks
    travelmonster
    • #3
    • 10th Jul 17, 10:45 PM
    • #3
    • 10th Jul 17, 10:45 PM
    thanks for the great response lilla D. so if we went ahead with tenants in common. would the property be split ? based on how much he puts in?

    also is it possible to just get 100k and just get the friend on the deeds without splitting it in percentage terms ?

    my friend is actually living with me. So it's just to giv3 him ownership of the property aswell. we're not bothered about splitting percentage. I'm going to get some work done to the house with some of the money.
    • Lilla D
    • By Lilla D 10th Jul 17, 10:57 PM
    • 310 Posts
    • 154 Thanks
    Lilla D
    • #4
    • 10th Jul 17, 10:57 PM
    • #4
    • 10th Jul 17, 10:57 PM
    These are exactly the questions that you'd discuss with the solicitor
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • worried jim
    • By worried jim 10th Jul 17, 10:59 PM
    • 8,543 Posts
    • 13,016 Thanks
    worried jim
    • #5
    • 10th Jul 17, 10:59 PM
    • #5
    • 10th Jul 17, 10:59 PM
    Will the potion be bottled?
    "Only two things are infinite-the universe and human stupidity, and I'm not so sure about the universe"
    Albert Einstein
    • travelmonster
    • By travelmonster 10th Jul 17, 11:02 PM
    • 102 Posts
    • 2 Thanks
    travelmonster
    • #6
    • 10th Jul 17, 11:02 PM
    • #6
    • 10th Jul 17, 11:02 PM
    These are exactly the questions that you'd discuss with the solicitor
    Originally posted by Lilla D
    thanks for that.
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