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Pete1974
Posts: 2 Newbie
Hi all, first time poster so be gentle with me!!
A couple of years ago, I had my house up for sale and couldn't sell it due to the downturn in the market, so in order for us to be able to buy our new house my father in law paid off our mortgage which meant that we technically owned the first house outright.
We now rent that house out and are coming to the end of a 2 year lease agreement. The original plan was always to let it for 2 years, then sell it and pay back the in laws.
My brother in law is looking for ways to invest some money and he has asked if we would be willing to sell the house to him as he wants to then continue the let (we let it to the Council who have indicated that they would like to take it again for another 2 years.) The plan is for him to take on the debt to his dad then pay me and the Mrs a small sum which would take the sale to the value we'd originally been looking for, that would have been the profit we'd have made on the house.
Obviously I'm quite happy to sell it to him, he gets a way to invest his money and get a return on it through the rent and I get it off my hands and gives us the profit on the house we wanted when we put it on the market.
The question I have is as there is no chain, no banks involved, no mortgages etc, would it be possible for us to simply have the title deeds of the house changed to show him as the new owner or would we have to go through a full sale process with surveys etc, both parties having a lawyer etc?
We are in Scotland by the way.
Any info or advice you could give would be much appreciated.
Thanks,
Pete1974
A couple of years ago, I had my house up for sale and couldn't sell it due to the downturn in the market, so in order for us to be able to buy our new house my father in law paid off our mortgage which meant that we technically owned the first house outright.
We now rent that house out and are coming to the end of a 2 year lease agreement. The original plan was always to let it for 2 years, then sell it and pay back the in laws.
My brother in law is looking for ways to invest some money and he has asked if we would be willing to sell the house to him as he wants to then continue the let (we let it to the Council who have indicated that they would like to take it again for another 2 years.) The plan is for him to take on the debt to his dad then pay me and the Mrs a small sum which would take the sale to the value we'd originally been looking for, that would have been the profit we'd have made on the house.
Obviously I'm quite happy to sell it to him, he gets a way to invest his money and get a return on it through the rent and I get it off my hands and gives us the profit on the house we wanted when we put it on the market.
The question I have is as there is no chain, no banks involved, no mortgages etc, would it be possible for us to simply have the title deeds of the house changed to show him as the new owner or would we have to go through a full sale process with surveys etc, both parties having a lawyer etc?
We are in Scotland by the way.
Any info or advice you could give would be much appreciated.
Thanks,
Pete1974
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Anyone?
Or anyone know of any other websites I could get advice?0
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