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Selling Part of my property to Family
Roggy_10
Posts: 2 Newbie
Hi all
Am new to here and was looking for some advice on a property sale.
Myself and my partner currently own a flat and are looking to purchase a house, What i'm trying to work out is that, is it possible to sell 50% of the value of my property to my Dad? I will then use the money to reduce my current mortgage and also to use as a deposit for the new property, we plan to rent out the flat to cover the cost of the mortgage, this will cover over the recommended 130%.
Thanks for your help.
Am new to here and was looking for some advice on a property sale.
Myself and my partner currently own a flat and are looking to purchase a house, What i'm trying to work out is that, is it possible to sell 50% of the value of my property to my Dad? I will then use the money to reduce my current mortgage and also to use as a deposit for the new property, we plan to rent out the flat to cover the cost of the mortgage, this will cover over the recommended 130%.
Thanks for your help.
0
Comments
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Why don't you just sell the flat and buy a house?
Do you know all what being a LL entails? Not something I'd opt for, and I'd definitely never buy with family.
Jx2024 wins: *must start comping again!*0 -
yes of course you can sell your father some or all of your flat; if it is mortgaged then of course the mortgage company will need to agree and you (and your father ) will need to meet their lending criteriaEU tariff on agricultual product 12.2%
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EU Clinical Trials Directive stops medical advances0 -
I ideally want to keep the flat (or my part of it) as a way of gaining more capital by having somebody renting it and paying the mortgage to then re sell later down the line.
I do know what is involved in being a LL as my family are in the business, this is my way of trying to start out, just trying to find out the ins and outs of joint ownership and how you go about it.
I also should have mentioned that my father would be purchasing with cash not a mortgage.0
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