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Sign house over?
I own a house which my sister lives in. She wants to own the house and I want her to have it, but we want to do it in the cheapest way possible.
I have a fixed rate mortgage on the house which comes to an end in August at which time I will transfer on to the standard variable rate.
Can I just transfer the mortgage to her?
Is there something else we can do to avoid the whole buying/selling/new mortgage costs?
Any help advice greatly appreciated
Thanks!
Comments
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No she would have to apply for a mortgage by herself0
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Is there any equity in the house?
She'd need to earn enough to take the mortgage out in her name, and the house would either have to have 10% equity, or if you're taking the equity out, she'll need a 10% deposit.Should've = Should HAVE (not 'of')
Would've = Would HAVE (not 'of')
No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)0 -
Stamp duty if she takes over the mortgage. It is regarded as a purchase at the value of teh mortgage, even if you give her the equity for nothing.No reliance should be placed on the above! Absolutely none, do you hear?0
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Your sister will have to get a mortgage in her own name - simplest and cleanest to sell her the house, assuming she can raise the finance.0
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https://forums.moneysavingexpert.com/discussion/3946925
Cross-posted.
OP, in the future, please only start one thread. It's a little frustrating for others to spend time considering how best to respond and then to find out that someone else has already answered 30 minutes' previously on another board.
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Thanks everyone for your help, much appreciated.
Yorkie - Sorry for 'cross posting'. Didn't know which board to post on so didn;t think it'd do any harm to post on both. Sorry for 'frustrating' you0
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