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Selling House to friend

Richard_Webber · 2013-10-09 10:14:36

Hi All My friend is currently renting my house and with the new mortgages being offered that will allow a 5% deposit he has requested to buy Unfortunately I have a penalty on my mortgage until nov 2014 of 3.5k is there anyway he could still buy my house for the market value and transfer the mortgage to him to avoid the…

Comments

JimmyTheWig Posts: 12,199 Forumite

10 October 2013 at 12:13PM

Riggster wrote: »

All depends on the lender. I'm with a nice traditional Building Society. They originally offered me a mortgage in October 2012 for 3 months. Due to unforeseen/crazy circumstances, they extended it for another 3 months, then another month, then another month when my solicitor explained and then we completed on 28th June. Interestingly they didn't request another survey, just some searches re-done...

Yes they can be extended, but they don't have to extend them. So I am not sure that you would be able to exchange to complete after your mortgage offer expires.

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