Selling to son

beduth

We have a rental property but have decided we do not want to be landlords any longer. Our son has said he wants to buy the house for market value. The other siblings are happy with this.
Do we need a solicitor to complete ? I have all the paperwork for the property, surely I can just hand it to his solicitor and sign the sales contract on completion. 

Any advice appreciated. 

greatcrested

Is there a  mortgage on the property?

Does your son need a mortgage to pay you?

Is the property freehold or leasehold?

Is the property registered?

If son is paying you market value, what is the relevance of the siblings' feelings?

beduth

greatcrested said:

Is there a  mortgage on the property?

Does your son need a mortgage to pay you?

Is the property freehold or leasehold?

Is the property registered?

If son is paying you market value, what is the relevance of the siblings' feelings?

Sorry new to this. 

No mortgage we own it outright.
Son will be using an IFA to source a mortgage I believe.
Freehold
Registered to me and wife.
No relevance, we are a close family and we felt all the children should know. 

beduth

Oh and no agent is involved, girl ( now woman) we have known all her life lives there and pays rent direct. She will be staying in the property, and has also been told who will be her new landlord. 

greatcrested

Your son's lender will require a solicitor to act for them so it makes sense for that solicitor to act for him as well.

You could act for yourself, though it's possible son's solicitor will be reluctant or even resistant to deal with you - though if you are persistant it could be fine.

Son could choose to dispense with many of the searches and survey etc if he knows the property and is happy not to do the detailed investigations, and could instruct his solicitor accordingly. However his lender might insist on some of them anyway. You would need to respond to any Enquiries, requests for paperwork (Building regs etc),but that should not be an issue.

You would need to draw up contract for son to sign. If it weren't for his mortgage you could (both) dispense with this, but I suspect his solicitor, acting for the lender, would require it.

Son's solicitor would draw up TR1 for the Land Registry for you to sign. No issue there.

You would

beduth

Thank you gc. I thought it would be straight forward. It is not an old property and is in excellent condition. Son is aware of all work done, re bathroom ( he fitted) kitchen,combi  boiler, new door etc. 

I have all the searches carried out 8 years ago,so just need to draw up a sales contract. 

davidmcn

greatcrested said:

You would need to draw up contract for son to sign. If it weren't for his mortgage you could (both) dispense with this, but I suspect his solicitor, acting for the lender, would require it.

I don't see why the lender would care about the contract (or absence of one) - they wouldn't be a party to it anyway.

theartfullodger

davidmcn said:

greatcrested said:

You would need to draw up contract for son to sign. If it weren't for his mortgage you could (both) dispense with this, but I suspect his solicitor, acting for the lender, would require it.

I don't see why the lender would care about the contract (or absence of one) - they wouldn't be a party to it anyway.

They will care where money to pay mortgage comes from (rent payment)

greatcrested

davidmcn said:

» show previous quotes

I don't see why the lender would care about the contract (or absence of one) - they wouldn't be a party to it anyway.

theartfullodger said:

davidmcn said:

greatcrested said:

You would need to draw up contract for son to sign. If it weren't for his mortgage you could (both) dispense with this, but I suspect his solicitor, acting for the lender, would require it.

I don't see why the lender would care about the contract (or absence of one) - they wouldn't be a party to it anyway.

They will care where money to pay mortgage comes from (rent payment)

Though that does not affect the contract, so David is probably right.

Son will, of course, need a BTL mortgage.

Son is aware of all work done, re bathroom ( he fitted) kitchen,combi  boiler, new door etc.

Lender might want to see the paperwork for this - do you have the BR certs etc (esp boiler ad electrics)?

girl ( now woman) we have known all her life lives there and pays rent direct. She will be staying in the property, and has also been told who will be her new landlord. 

Nice to give her a heads up, but following the transfer you and son willneed to comply with the Landlord & Tenant Act 1985 S3

beduth

Have all relevant paperwork, signed, annual rental agreement signed each year. No deposit held.
All relevant certs re boiler, electrics, doors etc.

steampowered

As your son requires a mortgage, he will need to use a solicitor/conveyancer.

The mortgage lender will also require searches to be done on the property, a valuation and the usual set of enquiries. Your old searches from 8 years ago won't be sufficient.