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Selling House to Friend Advice
originalmiscellany
Posts: 1,655 Forumite
I posted a few months back for some guidance, which (naturally) was given and was very useful...
A further update is as follows:
My fiance is selling her house (max 110K I'd say) to her housemate.
Her fixed rate mortgage deal runs out in May 2008, and her housemate should be in a position to buy her our no problems.
Now, as a bit of a novice, I'm thinking all that needs to happen is:
1) Some estate agents come round and value the house (for free?). We're thinking get in 3, and average out the price.
2) She gets a solicitor (can they both use differeon ones in the same company or even the same solicitor for both people, fiance and housemate?) who does all the paperwork, the mortgage is cleared from my fiance and passed over to her housemate.
3) Job done.
That's the theory.
a) Am I right in thinking the estate agents valuation is free?
b) How much would a solicitor charge for doing some paperwork?
c) Realistically how long should this process take? There's no chain or anything like that.
Many thanks for your time.
The original miscellany.
A further update is as follows:
My fiance is selling her house (max 110K I'd say) to her housemate.
Her fixed rate mortgage deal runs out in May 2008, and her housemate should be in a position to buy her our no problems.
Now, as a bit of a novice, I'm thinking all that needs to happen is:
1) Some estate agents come round and value the house (for free?). We're thinking get in 3, and average out the price.
2) She gets a solicitor (can they both use differeon ones in the same company or even the same solicitor for both people, fiance and housemate?) who does all the paperwork, the mortgage is cleared from my fiance and passed over to her housemate.
3) Job done.
That's the theory.
a) Am I right in thinking the estate agents valuation is free?
b) How much would a solicitor charge for doing some paperwork?
c) Realistically how long should this process take? There's no chain or anything like that.
Many thanks for your time.
The original miscellany.
Feb 2012 - onwards MF achieved
September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
April 2018 down to 28.00 months vs 30.04 months at normal payment.
Predicted mortgage clearing 03/2047 - now looking at 02/2045
Aims: 1) To pay off mortgage within 20 years - 2037
September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
April 2018 down to 28.00 months vs 30.04 months at normal payment.
Predicted mortgage clearing 03/2047 - now looking at 02/2045
Aims: 1) To pay off mortgage within 20 years - 2037
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Comments
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a) Yes
b) You can get a "fixed fee" and prices depend on value of the property roughly, but for selling maybe £350-550 + VAT. They will need to use separate solicitors. It's the same process as if the buyer is a complete stranger. All the same processes and checks etc have to be undertaken and each side's solicitor is working solely in the interests of their client
c) Say 6 weeks to be safe. It's possible to rush it through in less time. The buyer will need to fill in their mortgage paperwork, the mortgage company will send out a surveyor, surveyor will write and send his report, mortgage company will then approve/not the mortgage. At that point it can be up to another 2 weeks for the money to be released. This is why it takes this long.
The housemate can't take over your fiance's mortgage. The housemate will have to find themselves their own mortgage, fill in all the paperwork, have the deposit available, pay for a valuation, pay for mortgage arrangement fees... and wait for the mortgage to be approved. They need to see an independent mortgage advisor immediately. Are you sure they have a deposit and are mortgageable for that amount?0 -
originalmiscellany wrote: »a) Am I right in thinking the estate agents valuation is free?
Yes, but they may well charge if they know what you are up to, so keep schtum!
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