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Buying a house from parents
benst86
Posts: 2 Newbie
Existing answers don’t really apply to this situation.
Parents own a property, value £115k, mortgage of £90k. They wish to transfer this to myself in order for me to take over the equity (and rental income).
Is it possible to simply take over the mortgage, and transfer title to me? I’m assuming not...
I’m guessing I’ll have to get a mortgage myself, transfer money to my parents for them to pay off theirs (i.e. an actual sale). Is there no easier way?
Thanks
Parents own a property, value £115k, mortgage of £90k. They wish to transfer this to myself in order for me to take over the equity (and rental income).
Is it possible to simply take over the mortgage, and transfer title to me? I’m assuming not...
I’m guessing I’ll have to get a mortgage myself, transfer money to my parents for them to pay off theirs (i.e. an actual sale). Is there no easier way?
Thanks
0
Comments
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In theory it ought to be pretty straightforward, you need to start talking to the mortgage company. But with such limited equity I doubt they will be very accomodating.0
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