Mum wants to give me her house for the remainder of the mortgage

PollyPocket12

Hi I am looking for some advice as I do not know where to start.

My mum owns a house recently valued at a 180k she has 95k left to pay on her mortgage and she wants me to get my own mortgage and pay for the remaining 95k, and the house will be mine. She does not want anything to do with the house, and only wants the 95k to pay the remainder of her mortgage off. Currently there is a tenant living there.

!Here's the questions:

• where do I start!
• where do i find out about transfer of equity
• one mortgage company said the house has to be vacant or I have to be living there for her to be to transfer the equity to me !
• will I need a deposit

If anyone has any ideas to get me started i would be very grateful.

Thank you.

Thrugelmir

Is the property currently let on a formal tenancy agreement?

Does your mother own other property?

PasturesNew

How long has your mum owned it?
How much was it worth then?
Has she ever lived in it?
What date/s did she live in it, what date/s has it been rented for?

Would you want to be a Landlord? Or live in it?

What is the motivation of your mother and yourself behind this decision?

PollyPocket12

My parents business originally bought it in for £88,500 in 2001 and then my mum and dad bought it from their business in 2003 for £119,000.!

They have never lived in it, it was purchased for a worker for their business to live in, as far as I am aware when they re-purchased it they just rented out.

I want to live in it and to eventually !own it. My mum is really busy recently opened a new business, she does not want the financial worry and the hassle of having to be the landlord.!

She knows that if potentially it ia sold a profit could be made but as I have no where to live both my parents think though they would be losing money they would rather I had a foot on the property ladder.!

getmore4less

if it's worth more than £119k there will potentialy be a tidy CGT bill

Thrugelmir

What's its current value?

PollyPocket12

What is CGT?

For a quick sale the agents said as it is with no tidying up 160,000 but cld get 180 if they werent in a hurry.

I just not sure where to start and what are the right questions for the right people, I didnt want to waste loads of time and money if it will never be possible.

Browntoa

cgt= Capital Gains Tax