Equity release to pay off mortgage?

skylark52

AnotherJoe wrote: »

You can do the transfer of property deeds yourself there's a few forms need filling in. Its more than writing a note. Or a pay a solicitor a few hundred quid to do it.
Or, how about this, the kids sell the house and then just transfer (eg give) the money to you... thinking about it thats probably the easiest way since you'd incur solicitors costs selling the house anyway so why have two lots of costs.

Thanks for that. Could you point me in the right direction for the relevant forms?

AnotherJoe

Not without doing a google search which you could do.
Also I just thought of a "gotcha".
Many lenders will not lend on a property that's been owned for less than 6 months.
So, imagine the irony if you xfer the property and then after a few weeks with new lower price you get a buyer, you'll be stymied.
Plus, second gotcha occurs as I type, there might be legal issues transferring the property since you have mortgage on it but its owned by your kids.
I welcome comments by others but it seems far simpler to me to have the sale done by solicitor with the kids owning as result of probate and then kids just bank xfer you the money.

getmore4less

You can't normally transfer the property while there is an outstanding secured debt.

No point if it is getting sold just sell out of the estate.