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Thomas
Thomas, Solicitor
Category: Family Law
Satisfied Customers: 7620
Experience:  UK solicitor
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My daughters own outright a small 2 bedroomed house which was

Resolved Question:

My daughters own outright a small 2 bedroomed house which was left to them by their grandparents. Is there a way to release half the worth of the property to my older daughter to buy her own house?
Submitted: 3 years ago.
Category: Family Law
Expert:  Thomas replied 3 years ago.
Hi,
Thanks for your question.
Is the younger daughter willing and able to get a mortgage for half the equity in order for her to buy the older daughter out?
Kind regards,
Tom
Customer: replied 3 years ago.

Probably with my help. I need to know the first step to take. Kim

Expert:  Thomas replied 3 years ago.
Hi
Thank you for your question and patience, I’m Tom and I’ll try to help you.
The options are:-
1. The younger daughter obtains a mortgage for half the value of the equity in order to buyer out the older daughter’s share so that the property is transferred in to the younger daughter’s name. If doing this then the first thing to do would be to check the older daughter is willing to do this. Then the younger daughter should go and meet lenders (eg high street mortgage lender) to get a mortgage offer. Once the offer is agreed in principle she should instruct a solicitor to deal with the remortgage/transfer of equity to buy out the older daughter .
2. Someone buys the older daughter out of her share and transfers the older daughter’s share to the buyer but obviously this would require a willing buyer
3. If the younger daughter cannot get a mortgage in her sole name then see if they can get an offer in both younger and older daughter’s names so that the old daughter remains on the registered title. The younger daughter would have to take legal advice on this because the property would be subject to the mortgage and, if I were her, I would ask the older daughter to at least execute a declaration of trust stating that although the property is in both their names the younger daughter owns all the equity in the property
4. If none of the above is possibly then the older daughter can attempt to force the sale of the property by applying to court for an order for sale
My goal is to provide you with a good service. If you feel you have received anything less, please reply back as I am happy to address follow-up issues specifically relating to your question.
Kind regards,
Tom
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