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Selling My Home to 2nd Charge of Mortgage

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  • Selling My Home to 2nd Charge of Mortgage

    Hi,

    I would to sell my home that is my name to a family member who currently has a much larger stake in the house than I do (but I am the named mortgage/house owner). what is the legal process involved in this in terms of avoiding potential money laundering issues & how would she purchase the property from me? (both parties wanting this outcome).

    Thanks!

  • #2

    I have friends in a similar position but they plan to sell and move to a smaller property they currently rent out. They won't be able to pay off the second charge but that particular lender is letting them transfer the charge to the other property. The move will save them almost £1k a month. Check out this page for a variety of resources on the legalities and issues of selling a property (https://www.yeshomebuyers.com/resources/)

    Do you have an option of living very cheaply elsewhere and renting your place out (even if the rent didn't fully cover your outgoings)? If you could do this, it might give you a bit of breathing space until property prices increase.
    Last edited by Eric3700; 01-01-2019, 12:19 PM.

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