Mortgage Transfer Query please advise.

Hi all,

I dont know if this is the right place to ask this question, I will also post on Uk legal.

But basically I have a flat thats on a mortgage, I have rented the flat out to my mother in law ever since I have owned it. She is in a positon now financially that she can buy the propert of me and I want to sell it to her at basically the same price as there is left outstanding on the mortgage.

What I wanted to know is there an easier much cost effective way of doing this rather than getting solicitors etc involved?

She has good credit and can get a mortgage easily, but couldnt I just tell my bank that she would like to take over the amount left on the mortgage? Would there also have to be all the usual conveyancing take place as its not enough to attract stamp duty.

Any advice on doing this the most cost and time effective way is greatly appreciated.

Paul.

Reply to
Delpiero
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If your mil is going to be the owner of the flat there will have to be a conveyance done. This is separate to the actual mortgage. Some people do conveyancing themselves, but if not then a solicitor (or conveyancer) would have to do it.

It is possible that the bank might allow her to take over the mortgage, but there may be terms and conditions (e.g. penalty for early repayment) that you would have to look at. It would be considered a repayment by the lender, even if they allowed her to go on with the terms. But you would have to ask them. She would have to fit their criteria for a mortgage (income, credit worthiness, etc).

Rob Graham

Reply to
Rob graham

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