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Taking over parents mortgage
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Nathan1792
Posts: 5 Forumite
I am looking to take over my parents property and remaining balance on the mortgage but with a new provider.
Vaguely, the property is valued around 60-70k with circa 35k left to be paid. From a legal perspective is this likely to be classed as a straight forward buy and sell or something more intricate as gifted equity?
Thanks in advance.
Vaguely, the property is valued around 60-70k with circa 35k left to be paid. From a legal perspective is this likely to be classed as a straight forward buy and sell or something more intricate as gifted equity?
Thanks in advance.
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Comments
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Where will they live once you have done this?
Where will you live?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
They'll remain in the property and I have my own elsewhere.0
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Nathan1792 wrote: »They'll remain in the property and I have my own elsewhere.
So your paying additional stamp duty and taking out a buy to let mortgage?0 -
Nathan1792 wrote: »They'll remain in the property and I have my own elsewhere.
Why not leave the ownership in their name - lend them the money to pay the mortgage and put a charge against the house so that your money will be repaid when the house is sold.0 -
Stamp duty would have to be paid, yes but it wouldn't be a buy to let as the idea behind this transaction in to enable a marginally longer period of time to repay the mortgage.
Due to bad credit they're unable to do this themselves even though they are now in a position to completely repay within 5 years.0 -
Nathan1792 wrote: »Stamp duty would have to be paid, yes but it wouldn't be a buy to let
You will be the owner of the property. Letting it out to another party albeit rent free.0 -
^^^ what he said,
You cant have a residential mortgage if you aren't resident0 -
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You cannot get take out a residential mortgage if you do not reside in the property. Most lender's wont lend if you intend to let the property to family. If you want to let to family you'll have to speak to a specialist lender.0
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