Selling a share of your house to a family member

holly_hobby

fuschiazoinks wrote: »

My initial thoughts were to add her to the current deeds and then remortgage.

You can do this as part in part of the remortgage (as all but 1 current mortgage lender, require the mge to be in same names as those registered on the deeds).

All parties will need to satisfy the new lenders status & criteria requirements (inc max term/age allowable for older applicants if their income is reqd to support affordability of the new mortgage).

A whole of market broker (if you dont already have one) will source the most suitable product and lender for your requirements.

fuschiazoinks wrote: »

We will not be trying to separate the converted building into another property, it will always remain an "annex".

Thats fine - remember to seek lenders permission regarding proposed adaptation.

fuschiazoinks wrote: »

The conversion capital is non existent as a lump sum as we are on a "shoestring" budget, paying for "bits" on a month to month basis, as and when we have the money.

You should be able to source this from your proposed remge, subject to lenders consent for proposed works (as they shall wish to consider whether the proposed work will have an adverse effect on the overall property value - as already discussed).

Next stop is your adviser to plot it all out, get some costings together and start the ball rolling if the figures stack up.

With good luck & best wishes ....

H

Thrugelmir

fuschiazoinks wrote: »

The building is already there, attached to the main house. A two storey building, which only needs the inside converted.

My reference was to splitting the new property onto separate title deeds and selling it off.

The issue with 2 properties on the same deeds is that it may not add value to the existing property much above its construction costs. As the market will be limited for such a property when it comes to resale.