Buying my partners sister out of a joint mortgage

gingercordial

Naughtydog wrote: »

Her partner is a lodger at the flat right now. So it’s her, my partner (her brother) and her partner all living in the same flat. I’m currently living back at home so I can save as much as I can for all the up front costs. I would love to move in straight away but she won’t allow it because it’ll be too cramped

So effectively we could exchange and complete in the same day, meaning she will get her equity in time to pay her deposit and move in on the same day? Am I right in saying this?

Equally your partner could tell her that he no longer allows her partner to stay there, because you need to move in... :rotfl:

But I see why you might not want to force the issue.

You could exchange and complete whenever you like. You could do it today then not actually move in for months if you didn't want to. You'd be paying the mortgage with a couple of freeloading lodgers of course...

But yes, say she finds somewhere to buy and agrees to exchange and complete on the same day on for example 1 October. You can also exchange and complete on 1 October so that she has your money for her purchase (not really a "deposit" in that case as she has to hand over 100% of the money to her seller that same day).

Or if she is exchanging on 1 October and completing on 8 October, you can exchange and complete on 1 October so that she has your money for her exchange deposit. You then have to figure out where everyone is living from 1-8 October. If you are feeling generous you could stay put at your parents' house for that week to avoid being cramped, but you would be the legal owner and responsible for the mortgage.

I wouldn't exchange and complete on yours before she has exchanged on hers, because what if her purchase falls through and they refuse to move out?

[Deleted User]

Depends if you want to link the transactions really.

If you are just going to move in and she is moved out already you can complete on the remortgage at any point you want and she gets the money in the bank for her share.

She can then use this for her deposit in a separate transaction.

If you are doing a linked transaction then easiest thing would be to write letters of authority for the remortgage solicitors to communicate directly with her purchase solicitors. Then they can pass the money directly when needed

Naughtydog

Thanks for all the help