Buying family member's half

Morsing_2

Hi, hope this is the right place to ask. My partner and her sister inherited a mortgage free house and they have agreed that my partner buys her sister out.

Is there not an easy and cheap way to do this? So far they (well one) have been told they must use seperate solicitors, there'll be search fees and land registry fees etc, and the total bill is now running into about £1000.

Is all this really necessary? Is there not a simply way of changing the title deeds and my partner to take out half a mortgage and hand it to her sister?

Thanks

DVardysShadow

Morsing wrote: »

Is all this really necessary? Is there not a simply way of changing the title deeds and my partner to take out half a mortgage and hand it to her sister?

Lender will insist on searches and a solicitor for the mortgage deed at the very minimum. Sister may be able to do the sale of her half without a solicitor, but the downside could be that your partner's solicitor will charge more.

Morsing_2

Ok, thanks. Seems like such a simple thing I'm surprised they have to foot a £1000 bill for it...

Fire_Fox

Why would you think conveyancing and banking is simple? Solicitors do many years of training to get where they are; can't see why you'd expect a lender to part with tens of thousands of pounds without satisfying themselves that the investment is worth it! There is no difference buying from a stranger with a mortgage than purchasing from a relative with a mortgage.