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Ask Clare Your Own Question
Clare
Clare, Solicitor
Category: Property Law
Satisfied Customers: 34272
Experience:  I have been a solicitor in High Street Practise since 1985 with a wide general experience.
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My mother in law lives in iran. She owns a house here and would

Customer Question

My mother in law lives in iran. She owns a house here and would like to sell it to me. She is on a mortgage. She was wondering if I could buy half of the house from her and then pay her half of the mortgage. Like a shared ownership scheme. Is this possible? The house is worth £600000 and I can get a mortgage for half of that. She also talked about selling to me for less - how much less is she allowed to sell to me for seeing she is still paying a mortgage to a bank?
Submitted: 3 years ago.
Category: Property Law
Expert:  Clare replied 3 years ago.
Hi
Thank you for your question
My name is Clare
I shall do my best to help you but I need some further information first
How much is outstanding on the mortgage?
Clare
Customer: replied 3 years ago.
The property was originally bought for £430k and there is £300k left
Expert:  Clare replied 3 years ago.
Hi
Can you free her from the existing mortgage at all?
Clare
Customer: replied 3 years ago.
Sorry, not sure what that means? How would I free her from the mortgage?
Expert:  Clare replied 3 years ago.
Hi
The only way that your mother in law can do this is with the Consent of her Mortgage company and if you are also added to the existing mortgage
Accordingly you would need to join with her on the mortgage as well as raise extra to pay her.
Alternatively she can sell to you for the £300,000 and you can re-mortgage the property and clear her mortgage
This could have Inheritance Tax implications if she dies within the next seven years
Please ask if you need further information
Clare