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Selling house at reduced rate - advice please
ginstar
Posts: 46 Forumite
Hope someone can advise me. I am moving a distance to the other side of the country and want to sell my house to my sister who is in no position to buy the house off me in at its current value. I am willing to let her buy if off me for approx 70k less than the value but am unsure if either of us will be liable for any financial penalities if I were to do this. I do intend on a legal agreement that if she sells, she has to pay the 70k to me but she can keep any additional money she makes on the property. Any advice would be greatly appreciated. Also, I will not have an additional mortgage when I move. Many Thanks
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Comments
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You could put a charge for the 70k on the house.This is an open forum, anyone can post and I just did !0
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why not rent it to your sister - seems an easier option?0
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Or just sell her half.
Or stop trying to cripple your sister financially by encouraging her to buy a depreciating asset during a price crash.Bankruptcy isn't the worst that can happen to you. The worst that can happen is your forced to live the rest of your life in abject poverty trying to repay the debts.0
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