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Advice on buying a house
RavingMad
Posts: 868 Forumite
Hi
Hypothetical (but potentially real) senerio that I'd like some advice on.
We would like to move quite soon and a repossessed house has come on the market that we like the look of (plus the fact that it's cheap for the area)
I have 2 sisters who could quite easily put down 50-75% of asking price.
We currently have a HSBC Tracker mortgage which is hopefully portable.
My idea would be for them to purchase the house under their name (neither of which have a mortgage) and we would purchase it from them once we sold ours. This option, though, would involve 2 lots of stamp duty. Both my wife and a sister work for solicitors so no fees payable.
Are there alternatives that I haven't considered? ie could we buy the house using their money? Less "work" for them to do?
Thanks in advance
Hypothetical (but potentially real) senerio that I'd like some advice on.
We would like to move quite soon and a repossessed house has come on the market that we like the look of (plus the fact that it's cheap for the area)
I have 2 sisters who could quite easily put down 50-75% of asking price.
We currently have a HSBC Tracker mortgage which is hopefully portable.
My idea would be for them to purchase the house under their name (neither of which have a mortgage) and we would purchase it from them once we sold ours. This option, though, would involve 2 lots of stamp duty. Both my wife and a sister work for solicitors so no fees payable.
Are there alternatives that I haven't considered? ie could we buy the house using their money? Less "work" for them to do?
Thanks in advance
0
Comments
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First - don't count on getting the property for the asking price. Repos are a nightmare to buy, very stressfull, and gazumping is common. The seller never takes it off the market till Exchange of Contracts. Do a forum search for threads on repos.
Can your sisters buy outright (without mortgage)? That makes buying a repo much quicker and much easier.
Yes your plan would involved 2 lots of stamp duty. Lucky me! More tax to fund my NHS treatment!
Much more sensible for you to borrow some money from sisters and buy it yourself - again for cash if at all possible as it's a repo.0
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