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If FTB can't afford full price, could I keep % ownership?
Financial_Savvy
Posts: 385 Forumite
I have had a FTB view our house. But there may be doubts if they can offord the property due to the well known problems.
Could I potentially only sell say 85% of the share of the property? Then hold onto the remaining 15%?
It would mean a bigger mortgage I know.
Thoughts?
Could I potentially only sell say 85% of the share of the property? Then hold onto the remaining 15%?
It would mean a bigger mortgage I know.
Thoughts?
0
Comments
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Why would you want to do this ?0
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To sell my house......0
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Why don't you just reduce the price and have a bigger mortgage
This doesn't make sense.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
I would have nothing to show for it. But if I held onto say 15% of the share of the house, when they sell in 5 years time bingo.0
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No you can't do it.0
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Financial_Savvy wrote: »I would have nothing to show for it. But if I held onto say 15% of the share of the house, when they sell in 5 years time bingo.
Apart from the fact you can't, consider this:
Value: £100k
FTB: £85k
You: £15k
5 years on...
Value: £60k
FTB: ?
You: ?
He defaults/does a runner. House repossessed. What then?
You can't do it anyway.0 -
Financial_Savvy wrote: »I would have nothing to show for it. But if I held onto say 15% of the share of the house, when they sell in 5 years time bingo.
What, you'd pay off their negative equity? This is either a wind up or the most stupid idea of 2008.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
Financial_Savvy wrote: »To sell my house......
Not being funny but if you are responding to my question with this answer then you need to think about what your asking before posting.
Personally if i was in your position lower your price if you really want to sell, and also reduce the offer on the house your buying.0 -
PasturesNew wrote: »No you can't do it.
PN - Why do you say it cannot be done?
The property can be registered at the land registry with OP and FTB on the title register as tenants in common with OP owning 15%. This is often what happens when friends buy together, and sometimes when a parent provides a deposit for a FTB offspring.
However, as joint owner, OP would also have to be jointly named on FTB's mortgage. Which means if FTB defaults OP is potentially liable for the whole amount, not just 'his' 15%
I wouldn't do it, especially in a falling market. Well actually, I wouldn't do it at all. But I don't think its correct to say it can't be done.
EDIT - OP in your other threads you have indicated that you are considering selling your house and then renting for a while. IMHO that is the best way forward in a falling market. Sell your house, reduce the price if you have to, and then rent until you find a house in the price range you are willing to pay. At that point you will be a FTB and therefore in a much better bargaining position.I'm a retired employment solicitor. Hopefully some of my comments might be useful, but they are only my opinion and not intended as legal advice.0 -
have you tried painting the house magnolia??
im told that adds 15% to the value!0
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