Can I sell my half share to my daughter

Swiss1511

I own a house outright with my ex partner . My ex partner still lives in the property with my daughter age 22. I want to relinquish my interest in the house and my daughter wants to buy my half . Is this possible ?

MortgageMamma

Yes there is no reason why this cannot be done if your daughter has the means to take on a mortgage

Swiss1511

Thanks MortgageMamma She is in full time employment but will need to borrow about £75000

MortgageMamma

It all depends how much she earns, how much she owes on finance.living costs, childcare if applicable, and also what her credit status is.

It would also be wise to discuss and agree in writing what will happen to Mum when daughter wants out of the mortgage and to buy her own place as it saves problems further down the line.

Swiss1511

Thanks again , my other question would be would a bank provide a mortgage for part ownership if she meets the criteria as mentioned above ?

MortgageMamma

There would certainly be a lender available to her if she met affordability, but which one I couldn't say without knowing the finer details of the case. I'd say speak to a broker as your daughters first mortgage she needs to be as well informed as possible to make it as stress free for her as it can be, she will also need advice on being jointly liable and some form of income protection and/or life assurance to ensure her part of the mortgage is paid if she is unable to work