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Alice H
Alice H, Solicitor
Category: Property Law
Satisfied Customers: 2847
Experience:  Partner in national law firm with 20+ years legal experience
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I have a dilemma. Im aged 62, single and work part-time. I

Customer Question

I have a dilemma. I'm aged 62, single and work part-time. I live in a 3 bedroom house with a mortgage. I want to down-size as it is too much for me and I'm unable to maintain the property. I was going to sell it and move out and live off the equity. A niece wants to move in to "keep it in the family" Her and her boyfriend have been saving but finding difficult to get on the "ladder". I have the following questions:
1/ If they offer below market value, can they get a mortgage without having to pay a deposit?
2/ can they take over my mortgage?
3/ would I be able to sign the house over to them and they pay me for the mortgage?
4/ should I just let the house to them with the agreement that they are responsible for all repairs, maintenance etc?
5/ I have CCJs. Do they stay with the house or follow me when I move (there are no secured loans on the property)?
Thank you
Submitted: 2 years ago.
Category: Property Law
Expert:  Alice H replied 2 years ago.
My name is Alex and I'm happy to help with your question today.

1. They will need a lender who will agree a 100% mortgage. Even on a cheap sale this will be difficult to achieve for first time buyers;

2. It's unlikely that a lender will transfer a mortgage to another person. They new buyer would have to make a separate application;

3. Not without the lenders agreement - the lender has an interest in the property.

4. This is a good option - but you will have to inform you lender of the arrangement;

5. The CCJ's are unique to you - they will go with you to your new property. But there will be a record at the old property - so whoever moves in will have to make sure they do a credit reference search to make sure they are not affected.

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