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Mortgage + Transfer of Equity Fees
Catmaspudding
Posts: 63 Forumite
I am planning on taking out a mortgage for half the cost of a family members house so that we can joint own it. This will be my first house purchase, but I believe it counts as a 'transfer of equity'. The house is currently owned outright with no mortgage.
I am trying to budget for how much deposit I would need, but I am aware I have to pay other fees as well.
I would told a solicitor would cost £5-15k during a house sale, but after doing some research people seem to charge around £400 for just a transfer of equity.
Does anyone know if this sounds right and what other fees I might encounter? I would rather have a proper 10% deposit, but if the fees really are in the thousands then I won't be able to do that.
I have already been living in the property for two years and so am aware of its condition and I don't need to worry about moving my things. I was told I might need to pay for a survey as part of getting a mortgage?
Because its not a regular sale its been quite hard to work these things out.
I am trying to budget for how much deposit I would need, but I am aware I have to pay other fees as well.
I would told a solicitor would cost £5-15k during a house sale, but after doing some research people seem to charge around £400 for just a transfer of equity.
Does anyone know if this sounds right and what other fees I might encounter? I would rather have a proper 10% deposit, but if the fees really are in the thousands then I won't be able to do that.
I have already been living in the property for two years and so am aware of its condition and I don't need to worry about moving my things. I was told I might need to pay for a survey as part of getting a mortgage?
Because its not a regular sale its been quite hard to work these things out.
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