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Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 34132
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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Effectively I am looking to sell my house and would like to

Resolved Question:

Effectively I am looking to sell my house and would like to get a mortgage drawn up by a a solicitor as well as handle the sale. The purchaser then signs the mortgage and pays me the repayments on the loan.
Obviously would need the safety net that should they default then I have rights under the mortgage similar to Bank or other Financial Institutions.
This is really high level and not sure if this is even possible in the UK but any advice you could give would be appreciated
Submitted: 2 years ago.
Category: Law
Expert:  Clare replied 2 years ago.
Hi
Thank you for your question.
My name is Clare
I will do my best to help you but I need some further information first.
Just to clarify.
You wish to Transfer your house to someone else and they will pay for it in instalments?
Is that correct?
If so why can the buyer not pay by instalments and the Transfer take place when he has paid a certain percentage?
Clare
Customer: replied 2 years ago.

I am looking to draw up a mortgage/ contract of sale where there will be certain terms and conditions set ou ie Purchase Price, Deposit, agreed interest rate, defaulting payment for x times etc etc. By the installments path there is nothing legally binding to prevent me turning round after a period of time and selling this to another party (not that I would). Just want to make sure there is a legal document that prevents anything untoward happening on both sides.

Expert:  Clare replied 2 years ago.
Hi
Is a deposit being paid, and is there an existing mortgage on the property?
Clare
Customer: replied 2 years ago.

Unsure re: deposit as need to establish financial position as they are currently working with the council and seeing what type of planning would be possible. The house is fully owned with no debt and like them I am seeing what is possible other than the conventional sale through a bank or Financial Institution as I don't need the lump sum specifically at the moment

Expert:  Clare replied 2 years ago.
Hi
What you wish to do is certainly possible
However you will need to ensure that you get a Solicitor experienced in property matters to draft the paperwork
You could consider a position where you own the property in joint names subject to a Declaration of Trust protecting your interest in whole of the property until such a time as he has paid you at least 50% of the equity and then switch to position where you only hold a mortgage
This would make it easier for you to recover the property during the first part of the transactions.
I hope that this is of assistance - please ask if you need further details
Clare
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