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Would this work?
movingon
Posts: 558 Forumite
I have my house up for sale and need all the equity I can get as I would not be able to get another mortgage ( self employed and business poor). My parents own two homes- live in one themselves and rent the second. They would rather sell than continue renting and have had the second on the market and have recently dropped the price.
I would like to purchase that house, but obviously since not sold my own, cannot realise the purchase price. It has been suggested I put down a deposit on it and then effectively borrow the remainder from them as a bridging loan , until mine is sold, then pay the balance, and if I have to drastically reduce the price on my own property, continue to loan money from them for a fixed term like a mortgage.
I would effectively own two houses until mine was sold, and I appreciate the danger of leaving a house empty and the additional costs involved. They have already pre paid for conveyancing as they had anticipated they would sell before now and we have agreed to get a promisory note legally written. Would I have to involve a solicitor at my end for the actual purchase?
Can anyone see any pitfalls that we have not realised.? Opinions welcome!
I would like to purchase that house, but obviously since not sold my own, cannot realise the purchase price. It has been suggested I put down a deposit on it and then effectively borrow the remainder from them as a bridging loan , until mine is sold, then pay the balance, and if I have to drastically reduce the price on my own property, continue to loan money from them for a fixed term like a mortgage.
I would effectively own two houses until mine was sold, and I appreciate the danger of leaving a house empty and the additional costs involved. They have already pre paid for conveyancing as they had anticipated they would sell before now and we have agreed to get a promisory note legally written. Would I have to involve a solicitor at my end for the actual purchase?
Can anyone see any pitfalls that we have not realised.? Opinions welcome!
0
Comments
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Can you afford the mortgage?0
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Yes, and it would be interest free.0
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