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ADVICE WANTED! Selling my house
koocnaed
Posts: 1 Newbie
I would like to give you some background of my situation. I am a retired 70 year old man, who 8 years ago became a divorcee bringing up two teenage boys. Due to other financial commitments I could only afford to repay the interest on my mortgage. There was £60,000 left to pay off.
8 years on and I am still only repaying the interest on the mortgage, but now there is only 4 years left on the mortgage and I am worried what is going to happen.
The lads are now 24 and 25 now and still both living at home. The eldest got himself into a little bit of financial difficulties a few years back which has affected his credit rating. With the help of this website he has got himself back on track and will be debt free by the end of this year, but it may take a little longer to rebuild his credit rating.
I would like to sell the house to them at some point, but I have heard a lot of stories around the legal aspects of selling a house. Some people are telling me that I can’t sell the house for less than the market value, where others are advising that I can sell it for £1 if I wish.
I need to get this sorted sooner rather than later and appreciate any advice and tips that you can give. My eldest son (once he is back on his feet financially) wants to buy his own place, where as my youngest has always expressed an interest in buying the family home. I see this as an excellent investment opportunity for my children.
The ideal scenario would be this: The two boys get a joint mortgage and buy the house off of me for £80,000 (£60,000 to pay off the existing mortgage and a little extra for myself). Then at a later date the youngest can buy my eldest share from him, based on the market value of the house.
(eg. If the house is worth £160,000; the youngest son will give the eldest £40,000 and take over the £40,000 share of the mortgage the eldest was paying. Youngest then has a house £40,000 cheaper than market value and eldest has £40,000 for a deposit on a new place!)
Does the law allow me to do this?
Thanks in advance!!
8 years on and I am still only repaying the interest on the mortgage, but now there is only 4 years left on the mortgage and I am worried what is going to happen.
The lads are now 24 and 25 now and still both living at home. The eldest got himself into a little bit of financial difficulties a few years back which has affected his credit rating. With the help of this website he has got himself back on track and will be debt free by the end of this year, but it may take a little longer to rebuild his credit rating.
I would like to sell the house to them at some point, but I have heard a lot of stories around the legal aspects of selling a house. Some people are telling me that I can’t sell the house for less than the market value, where others are advising that I can sell it for £1 if I wish.
I need to get this sorted sooner rather than later and appreciate any advice and tips that you can give. My eldest son (once he is back on his feet financially) wants to buy his own place, where as my youngest has always expressed an interest in buying the family home. I see this as an excellent investment opportunity for my children.
The ideal scenario would be this: The two boys get a joint mortgage and buy the house off of me for £80,000 (£60,000 to pay off the existing mortgage and a little extra for myself). Then at a later date the youngest can buy my eldest share from him, based on the market value of the house.
(eg. If the house is worth £160,000; the youngest son will give the eldest £40,000 and take over the £40,000 share of the mortgage the eldest was paying. Youngest then has a house £40,000 cheaper than market value and eldest has £40,000 for a deposit on a new place!)
Does the law allow me to do this?
Thanks in advance!!
0
Comments
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£20k isn't going to get you very far. How will YOU live?0
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how much is your house worth at this time ?
seek decent advice where you can sit down and show numbers your post is too iggledy-piggledee:cool: hard as nails on the internet . wimp in the real world :cool:0 -
Google 'deprivation of capital' before you go ahead.Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️0
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