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Best way to sell home to my child?
Comments
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paddedjohn wrote: »if the house is valued at 170k and your daughter gets a mortgage for 60k then that leaves 110k equity in the house, can you get a second charge on the property for the 90k?
I have to wonder that if the parents sell the house for 60k and a charge on the property of 90k, then the total "value" of the house is just £150k (the effective sale price). If the daughter then needs a mortgage for 60k, this is 100% of the remaining value of the house after the parent's charge?
OP's plan just sounds very complicated, and I think needs some good legal advice, which itself won't come cheap.0 -
I'm by no means an expert (know nothing about housing law) but could you lend your daughter £90k, then separately sell her your house for £150k? Then at some point she will have to pay £90k to you (when you decide).
Does that work?0 -
Thanks for all the great replies, that gives us a lot more knowledge to help us have a sensible discussion with an advisor.
Annisle, you summarised the situation almost perfectly and this looks like the most likely way in which we will proceed even though it is not quite the speedy solution we wished for.
Many thanks.0 -
but our relationship is rock solid so for this discussion we have to assume it will stay that way.
Money and property rows are one way to sour a relationship.
Ensure you discuss all 'end game' options and get them detailed in your legal plans.
Include death of one party, bankruptcy, marriage, divorce etc0 -
Am I the only one who keeps misreading the title of this thread as "Best way to sell my child" ?"The only man who makes money from a gold rush is the one selling the shovels..."0
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