We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
House situation - Confused
Options
Comments
-
Prestonion wrote: »So if I am reading right I can have the property transferred to my name then port my existing mortgage to the house which is mortgage free and pay back my mother in law.
Many lenders will not port a mortgage to a property that you already own.Signature on holiday for two weeks0 -
Hi, I just wanted to suggest you are wary of a situation where you spend tens of thousands on renovations with nothing in place for if something happens to mother in law while she still owns the house. Your renovation fund could be lost. Might be worth putting in writing in this case that your mother in law has agreed to sell you the house for 120k rather than market value and would want this wish fulfilled. Depends if your wife is your step mums sole beneficiary I guess.
If your mother in law has the money to buy out the other beneficiaries and doesn't need her money back quickly might she consider giving you a private mortgage? In this case the house would be put in your names and you would make a monthly payment to mother in law. She would hold the charge on the house like a bank usually does. You still might want to wait until you have sold your house to transfer ownership else you would have to pay an additional 3% stamp duty for an additional property.
Also major renovations can take a long time and you might find the time by the time you are done you no longer need to pay an early repayment charge on your mortgage.
Tlc0 -
Hi thanks for all the advice. I have booked a meeting with tsb Friday... We aim to be in before Xmas... We will still have erc come Xmas as we have 23 months remaining as of today.
The solicitors are pushing for the transfer to be done ASAP, but I am still unsure if to put the house into our name or the mother in laws name and the pros and cons of either. I am stressed lol!!
It will be the house of our dreams once this hurdle is overcome.
My main concern is paying back the mother in law
Yes we would get the solicitors to draw something up to protect the work we do to the house if in mother in laws name if anything did happen0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.6K Spending & Discounts
- 244K Work, Benefits & Business
- 598.9K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards