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paying twice to sell then buy the same property !?
whizzkid_3
Posts: 430 Forumite
I'm hoping someone can confirm if this is right !
My partner and her brother and sister own an equal share in a home which used to be the family home .
My partner and myself are buying this house and need to take out a mortgage to buy out the brothers share .(we are paying the sister in full )
We have been told we need to pay for conveyancing on this house as instructed by HSBC for the purchase part and it looks like we need to pay for the selling of the house to us through the family solicitor too.
Is that just the way it is or am i missing something ?
My partner and her brother and sister own an equal share in a home which used to be the family home .
My partner and myself are buying this house and need to take out a mortgage to buy out the brothers share .(we are paying the sister in full )
We have been told we need to pay for conveyancing on this house as instructed by HSBC for the purchase part and it looks like we need to pay for the selling of the house to us through the family solicitor too.
Is that just the way it is or am i missing something ?
0
Comments
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Sounds about right to me. The solicitors are acting for the benefit of HSBC to make sure they have a good and marketable interest. After all they are effectively buying an interest in the property by lending you money.0
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When you do a normal house purchase/sale you do have to pay for both elements, but it is the buying that is more expensive. On the sale, is the solicitor acting for all three of you together - in which case are all three of you being billed separately, or is it being split between you?0
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The people selling pay their own solicitor. The people buying pay their solicitor to act for them and the mortgage lender. Given that your partner is already an owner you could ask the lender if they will allow a remortgage deal which would keep the costs down.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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Please please please don't use HSBC for your mortgage!
SeeThis Thread for lots of reasons why.
Countrywide Property Lawyers will never manage to make this situation fit in their one size doesn't fit all tick box system!!0
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