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Buachaill
Buachaill, Barrister
Category: Property Law
Satisfied Customers: 10190
Experience:  Barrister 17 years experience
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I owe my daughter 125000 pounds and she has agreed to buy my

Customer Question

I owe my daughter 125000 pounds and she has agreed to buy my apartment for 200000
and take out a mortgage for 75000 to pay me the difference what is the best legal way to do this
Submitted: 1 year ago.
Category: Property Law
Expert:  Buachaill replied 1 year ago.
1. The simplest way to do this is to simply hire a solicitor who will act for you both and who will convey the apartment from you to your daughter in return for a consideration of £200,000 whilst at the same time, allowing her to take out a mortgage for £75,000.
Expert:  Buachaill replied 1 year ago.
2. The solicitor can register the mortgage for the financial institution who gives your daughter the mortgage. You also get a good discharge for the money you have received.
Expert:  Buachaill replied 1 year ago.
3. As part of the transfer, the £125,000 which your daughter owes you can be included as part of the purchase price.
Expert:  Buachaill replied 1 year ago.
4. Sorry, that should be, that the £125,000 which you owe your daughter can be included as part of the purchase price and be cancelled as a result.

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