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Kind people, please advise me :-)
Matma84
Posts: 1 Newbie
Is it possible to do the following...
Person 1 has a mortgage in sole name with the outstanding amount of £63,500.
Could they sell half of the property to person 2 and be joint owners?
I'm clueless to the mortgage game so simple answers would be most beneficial ha!
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Comments
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There's a mortgage in place so to sell half the property would require a joint mortgage between person 1 and person 2 unless person 2 is going to pay person 1 enough money to clear the outstanding mortgage.Matma84 said:Is it possible to do the following...Person 1 has a mortgage in sole name with the outstanding amount of £63,500.Could they sell half of the property to person 2 and be joint owners?I'm clueless to the mortgage game so simple answers would be most beneficial ha!0 -
Surely it depends on how much the property is worth and how person 2 intends to pay for their share ?e.g. If the property's worth £127,000 and person 2 has £63,500 in cash they simply give the cash to person 1 who uses it to pay off their mortgage and they see a solicitor to get the property put into joint names. It get's more complicated if person 1 or 2 need a mortgage....0
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