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Help!- difficult advise needed in laymans terms!

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  • Help!- difficult advise needed in laymans terms!

    I bought a property over three years ago with a friend and I now want to sell my half. My friend does not want to sell but is happy for me to find someone to buy my half. Our current mortgage agreement comes to an end in October and I think I have found someone to buy my half.

    Do we have to completely sell the house- with all the charges involved and have all new conveyancing done?

    Can we just have a solicitor draw up a new agreement and the mortgage put in to their two names?

    Who will all the charges fall to- bearing in mind that my friend will not pay any fees and does not want to be affected?

    Thank you very much for your help in advance!

  • #2
    Friend (F) and your "buyer" (B) need to approach Lender or another Lender to get a mortgage to replace existing or for them to transfer of existing mortgage to F & B.

    You (U) and B need to agree how much B will pay U for your share.

    You will need a solicitor to act for mortgage lender F & B. U might need a separate solicitor.

    Lenders not lending such generous loan to value ratios as previously and they would need to be happy that F & B together could support the loan.
    RICHARD WEBSTERwww.rwco.co.uk
    As a conveyancing solicitor I want to be helpful (England/Wales only) but can't accept liability for this.