Signing house deeds over...........

Gillyo_2

no longer applies:)

happybroker

I assume you mean you want to transfer the debt to your friend also?

This isn't possible, your friend would need to buy the property from you but she could do this for £50k should you wish to sell it to her for that. You would be able to get much more than this, however, from a cash buyer or even an auction I would imagine.

Cannon_Fodder

Do you want the £90,000 equity, or are you giving it away?

If the former, your friend needs needs to have sufficient income to support a £140k mortgage, taking any other mortgage or debts into account.

If the latter, your friend needs to have sufficient income to buy it from you with a £50k mortgage, again taking into account any other mortgage or debts.

Both scenarios require your friend to have a clean credit history, in order to get approved for the mortgage.

Or enough cash to pay you and the lender whatever total amount you think fair.

Maybe you need to consider the wider picture, though. I don't mean this to be insensitive, but you don't want to be "lodging" with your mother, then when she passes away, her will bequeaths it to others who sell from under you. If you will inherit solely, then you could remortgage your own place to provide funds that will ease your financial pressures then sell whichever house you like least when you have two houses.

If there might be care fees involved in the near future, you have to tread carefully to not be seen as manipulating the situation to deprive the council of access to her assets.

Maybe speak to Shelter or Help the Aged for detailed advice.

Gillyo_2

Thank you for your reply A cash buyer sounds a possibility, so where would be my first port of call?
Contact mortgage company informing them of my plans and then what? I of course know I shall have to advertise the property.
How does going to auction work?
Many thanks again.

simpywimpy

How easy would it be to do without any outstanding finance?

Gillyo_2

Cannon_Fodder wrote: »

Do you want the £90,000 equity, or are you giving it away?

If the former, your friend needs needs to have sufficient income to support a £140k mortgage, taking any other mortgage or debts into account.

If the latter, your friend needs to have sufficient income to buy it from you with a £50k mortgage, again taking into account any other mortgage or debts.

Both scenarios require your friend to have a clean credit history, in order to get approved for the mortgage.

Or enough cash to pay you and the lender whatever total amount you think fair.

Maybe you need to consider the wider picture, though. I don't mean this to be insensitive, but you don't want to be "lodging" with your mother, then when she passes away, her will bequeaths it to others who sell from under you. If you will inherit solely, then you could remortgage your own place to provide funds that will ease your financial pressures then sell whichever house you like least when you have two houses.

If there might be care fees involved in the near future, you have to tread carefully to not be seen as manipulating the situation to deprive the council of access to her assets.

Maybe speak to Shelter or Help the Aged for detailed advice.

Thanks for your reply. Sounds silly I know, but I'm happy to let the house go for £50.000, having said that, £100.000 would be fine also
I shall speak to my friend abouth this today hopefully.

I shall solely inherit my mother's property as there are no other family members.

Senior_Paper_Monitor

A cold hard look at the overall situation and plan is necessary - I suspect that you are not capable of doing this under your current pressures (I do not mean to be rude in anyway by saying that).

As indicated by the two previous replies, this is a complicated set of issues to be considered - and there is insufficient infomation concerning your mother's property position, both of your current and future earning potentials and likely life directions.

I recommend you find a good adviser who has a working knowledge not only of finance/mortgages but of trust/wills/inheritance issues and 'deprivation' issues with reference to care structures. A cool and knowledgeable head, acting as friend and adviser will help you make the best decisions in yoru futrure interests.

Good luck !

happybroker

Gillyo wrote: »

Thank you for your reply A cash buyer sounds a possibility, so where would be my first port of call?
Contact mortgage company informing them of my plans and then what? I of course know I shall have to advertise the property.
How does going to auction work?
Many thanks again.

A good whole of market mortgage broker may well have contacts with cash buyers/ property investors. You wouldn't need to advertise the property if going down this route....you wouldn't have to pay for a Home Information Pack either in my experience.

The larger estate agents (Knight Frank etc) hold national auctions, look in the local paper for adertisements for auctions and ring the people who are conducting them.

simpywimpy

if there wasnt a mortgage on his property would he have been able to just transfer it?

Gillyo_2

Thank you again Happy Broker. I have just made a call to a Financial Advisor will be meeting with him on Monday.

happybroker

simpywimpy wrote: »

if there wasnt a mortgage on his property would he have been able to just transfer it?

you can give away property yes, there possible implications however and legal advice should be sought by both sides.