selling house to father

reddevils375

Hi all,

First post. Me and my wife would like to sell or somehow transfer our house to my father who is buying it as an investment. He is looking to buy the house on a buy to let mortgage. How can we get this done as fast as possible. We also have a mortgage outstanding on the house. is there a way to get this done without the solicitors having to do all the searches and stuff required. the reason we are selling is because we have seen another house and the only way for us to buy this is by getting rid of our existing mortgage and my father is willing to buy the house off us. We tried to port the mortgage across but building society would not allow us to port so we now have to pay £4.5k in ERC. Is there a way to just change details on deeds? Any help or suggestions

Thanks

Steve

Wh05apk

Which b/s are you with, most will allow you to port?

Unfortunately what you are doing is selling the property and your father is buying, so there are no shortcuts, all the usual searches etc will need to be done.

reddevils375

Hi, our mortgage is with west brom, they said we can port mortgage but they will not lend us any more money. We need to borrow 165k on a 225k house. Our existing mortgage is 113k with west brom. Santender have said yes to us on full amount. However we need to get rid of our existing mortgage first... That's where my father has said he will take house from us. Combined income is 51k between me and wife. Never missed payments and have excellent credit history. West brom say they can borrow us 137k. Is there way to transfer current mortgage to father and take our names off avoiding erc. Or do you think we should pay lump sum off current mortgage meaning we have less erc to pay. Was thinking of selling house to father for 120k

Annisele

You can't just transfer the mortgage to your father. Even if you could, presumably you have a normal residential mortgage and your father would want a BTL mortgage - so the terms you have wouldn't be any good to your father anyway.

Are you certain your father can get a BTL on your property?

Caz3121

Most BTL mortgages are a maximum of 75% LTV...if you are selling for £120k (and if it is valued at at least that) your father will need at least £30k cask for deposit...still doable?

GMS

There is an 85% LTV BTL mortgage on the market now.

reddevils375

The property is valued at 165k but I'd theta way to avoid erc???

getmore4less

It's not clear how much money you have between you, so how much total lending you need


You could look at concent to let with your existing mortgage and structure a deal with your father buying/helping buy the new place.

Then look at restructure once the ERC have expired.