Selling to son

badger09

Does your son already own his own home, either with or without a residential mortgage?

If not, I think he will struggle to obtain a BTL mortgage.

SDLT_Geek

badger09 said:

Does your son already own his own home, either with or without a residential mortgage?

This will also be relevant to OP's son's stamp duty land tax liability.

xylophone

Shouldn't your son be checking that he can get the BTL mortgage?
If not, you can try to sell to another landlord?

Mickey666

What’s the objection to using a solicitor for the conveyance?  Ok, it might save £1000 or so but it also means there will be no ‘insurance’ as part of the deal if anything goes wrong.  The OP is already saving on EA fees, which is almost always far higher than solicitor fees, for which there is no comeback if anything goes wrong.  I’ve sold and bought houses without an EA before now but I’d never do it without a solicitor.
Am I being paranoid?  Perhaps, but I know someone who bought a flat conversion and a few months after completion the solicitor confessed there had been a problem (long story involving a dodgy amateur developer) and that their ownership could not be registered.  They ended up having to move out!  Fortunately, the solicitor’s professional insurance paid all their costs plus compensation so they didn’t lose out financially.  Using a solicitor was the best insurance they’ve ever had.

getmore4less

Properties change hands without solicitors and without contracts fairly regularly.

If you don't need all the cash  upfront you could be the lender and dispense with a commercial lender. 

Mickey666

getmore4less said:

Properties change hands without solicitors and without contracts fairly regularly.

I’m sure they do.  And some people never bother to insure their homes or contents either.  Neither are legal requirements, it just depends on attitudes to risk.

greatcrested

Mickey666 said:

What’s the objection to using a solicitor for the conveyance?  Ok, it might save £1000 or so but it also means there will be no ‘insurance’ as part of the deal if anything goes wrong.  .....

....I know someone who bought a flat conversion and a few months after completion the solicitor confessed there had been a problem....

Selling a property to a son is very different to the example you describe.

The buyer knows the property, the property is registered, there's little that can go wrong for the buyer.

The seller knows the buyer. The money will be paid. There's little that can go wrong for the seller.

beduth

Mickey666 said:

What’s the objection to using a solicitor for the conveyance?  Ok, it might save £1000 or so but it also means there will be no ‘insurance’ as part of the deal if anything goes wrong.  The OP is already saving on EA fees, which is almost always far higher than solicitor fees, for which there is no comeback if anything goes wrong.  I’ve sold and bought houses without an EA before now but I’d never do it without a solicitor.
Am I being paranoid?  Perhaps, but I know someone who bought a flat conversion and a few months after completion the solicitor confessed there had been a problem (long story involving a dodgy amateur developer) and that their ownership could not be registered.  They ended up having to move out!  Fortunately, the solicitor’s professional insurance paid all their costs plus compensation so they didn’t lose out financially.  Using a solicitor was the best insurance they’ve ever had.

No objection, just thinking I will pay someone a £1000 or more just to witness me signing a bill of sale. 
Son will set himself up with a BTL mortgage, he will use a IFA to do this. He will engage a solicitor and have a survey done for his lender, and get any searches completed. 

All I need to do is hand over the paperwork ( which is all together and in order) to his solicitor, sign a contract and wait for the bank transfer. Unless I am missing something and it is far more complicated. 

Slithery

beduth said:
All I need to do is hand over the paperwork ( which is all together and in order) to his solicitor, sign a contract and wait for the bank transfer. Unless I am missing something and it is far more complicated. 

The solicitor dealing for your son's lender may refuse to deal with you personally instead of your solicitor. It's their perogative as they are the ones handing over the money.

davidmcn

Slithery said:

beduth said:
All I need to do is hand over the paperwork ( which is all together and in order) to his solicitor, sign a contract and wait for the bank transfer. Unless I am missing something and it is far more complicated. 

The solicitor dealing for your son's lender may refuse to deal with you personally instead of your solicitor. It's their perogative as they are the ones handing over the money.

In which case the son can find a solicitor who isn't so fussy.