Transfer of Deeds Coventry Building Society - Costs?

jobber_2

I purchased a house for £153,000 along with 2 friends in 2006. We agreed at the time that we would take the house for 3 years tying ourselves into a mortgage for this period with the coventry. 2 years down situation has changed.

We have had the house valued at 150000. I have agreed to take on this mortgage in principal for £2k each leaving us all £1k down.

I still need to ask the coventry about this transfer and have them agree - what things do I need to account for?

What other charges do you think we ought to account for?

Thanks then :T

brummybloke

dont quite understand the

" I have agreed to take on this mortgage in principal for £2k each leaving us all £1k down."

part of it?

however solicitors fees, redemption penalty, land registary fees and probably a new loan fixing fee off the top of my head?


coventry lend max of 4 times income so you need to be on 37.5k with 0 debts before they would consider your application i would have thought.

jobber_2

3 of us in the mortgage.

We paid 153,000

House is worth 150000

the other 2 give me 1k each (I gain 2k)

In effect I am still 1k down from the houses true worth.

Cov now agreed to lending me that in pricipal

silvercar

If you had not wanted to buy them out, you would have sold on the open market and possibly not got 150k, maybe not even 145k added to which all 3 of you would have had to share out the costs of estate agents, legal fees and possibly mortgage redemption fees.

Unless you are very sure of that market valuation it looks like your mates have got a very good deal.