We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Transfer of equity
kinemide
Posts: 3 Newbie
I have a question with regards to transfer of equity that I am hoping someone can help me with.
Me and my partner are thinking about buying my partner's parents' flat, which we are currently renting. The flat is worth approx £190,000. We are both on relatively low incomes, but my parents have kindly offered to give me £45-50,000 as an advance on my inheritance. My partner's parents are not in a position to do the same, but would like to help in any way they can. They obviously own the flat so my question is this; can my partner's parents transfer the same value(£45-50,000) of equity in the flat to my partner? If so, how would we go about that and what costs and fees might we encounter? Thank you.
Me and my partner are thinking about buying my partner's parents' flat, which we are currently renting. The flat is worth approx £190,000. We are both on relatively low incomes, but my parents have kindly offered to give me £45-50,000 as an advance on my inheritance. My partner's parents are not in a position to do the same, but would like to help in any way they can. They obviously own the flat so my question is this; can my partner's parents transfer the same value(£45-50,000) of equity in the flat to my partner? If so, how would we go about that and what costs and fees might we encounter? Thank you.
0
Comments
-
There's no reason in principle why the partner's parents can't sell the flat to both of you for say £145K. This means no SDLT as under £175K.
Your mortgage lender would have to be happy to lend on the basis of value rather than price - some will do this if it is obviously a gift from family. Explain to lender that flat is worth £190K but you are buying it more cheaply because of it belonging to partner's parents.
You won't need a separate transfer of equity, which is not appropriate for this situation.RICHARD WEBSTER
As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.4K Banking & Borrowing
- 253.3K Reduce Debt & Boost Income
- 453.8K Spending & Discounts
- 244.4K Work, Benefits & Business
- 599.6K Mortgages, Homes & Bills
- 177.1K Life & Family
- 257.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards