Selling half your house to a family member

JulieBirdLeicester

Hi,
I have a second house which is currently mortgage free (btl) and have agreed to sell a half share to my son to help him get on the property ladder.
This will mean that we will get a joint residential mortgage on the property to release the whole of the equity and transfer the title to joint ownership.
I'm unsure however whether I would still need a solicitor to do the conveyancing and take receipt of the mortgage?  Or can a mortgage company pay me direct and then I apply direct to the land registry to change the deed title?  I've tried googling but can't find a similar scenario!
Thanks, Julie :-)

MWT

If you Google 'diy-conveyancing' you'll find a lot of information out there.

In short, it can be possible if everything about your transaction is simple and if you have a lender willing to do it (not many will), but read about the pitfalls and limitations as well...

lonibra

You may struggle to find bank that will fund a concessionary purchase and allow the seller (you) to remain on the deeds.

MovingForwards

You will be jointly liable for the mortgage if your son doesn't pay it.

What's the reason you want to retain half of the property?

Is this property one your son will move in to or keep it as a BTL?

If live in it - have you thought about a private mortgage. It acts like a normal mortgage only you are the lender and you could sell him 100% of it.
You both agree to the terms and repayment.
You both could always do it so he has to repay the outstanding balance in say 10 years as that may have got it down to meet affordability levels with lenders. Also on sale of the property you get back whatever the value is at the time of him buying it from you, he keeps everything above that towards his new property.

If keep it as a BTL that's a waste of FTB status and perks, based on what they currently are.

user1977

The lender will need a solicitor to act for them, even if neither you nor your son are bothered about getting advice.