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Buying property for son while living abroad
Comments
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I think the father is remortgaging his own house to release equity to then buy the property the OP will live in....at least that's how I read it.
That's right.
The idea is to pay it off to my dad and then have the property ownership transferred to myself. It would likely not even be considered as a sale.Well I read it differently, perhaps the OP could clarify.
It seems odd to me that a mortgage lender outside of the UK would secure a loan on a property outside the UK but it's the UK property that would actually be mortgaged. I'm not saying it's impossible it just sounds strange.
No... A mortgage lender outside the UK is securing a loan on my fathers property, also outside the UK. The resulting money is used to pay for the house here. Its a simple equity release, I believe.0 -
That's what I thought, your father is a cash buyer in the UK. Meaning he could set up a private mortgage arrangement with you so you would be the legal and beneficial owner of the property rather than a landlord/tenant set up.0
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That's what I thought, your father is a cash buyer in the UK. Meaning he could set up a private mortgage arrangement with you so you would be the legal and beneficial owner of the property rather than a landlord/tenant set up.
Rather puzzlingly the OP states (post 6)essentially I want the house to remain on my fathers name -
but then (post 22)The idea is to pay it off to my dad and then have the property ownership transferred to myself. It would likely not even be considered as a sale.
If the OP wants to own the house in his own name then it does make sense for his father to lend him the money against a first charge on the property, repayment terms to be arranged to suit.0 -
I agree with xylophone. Otherwise there is likely to be two lots of SDLT, first when father takes ownership of the property (at the higher rates as he has another property) and then again because of OP taking ownership from his father in return for paying off the father's debt.0
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