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Ask Clare Your Own Question
Clare
Clare, Solicitor
Category: Property Law
Satisfied Customers: 34233
Experience:  I have been a solicitor in High Street Practise since 1985 with a wide general experience.
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Can I sell part of my home to an investor, turning it into

Customer Question

Can I sell part of my home to an investor, turning it into a part-buy-part-rent property?
Submitted: 1 year ago.
Category: Property Law
Expert:  Clare replied 1 year ago.
HIThank you for your questionMy name is ***** ***** do my best to help you but I need some further information firstIs there a mortgage on the property?
Customer: replied 1 year ago.
Hi ClareI had been planning to add details to the question but had a problem with my account. Thank you for responding, here are the details.The house is worth approx £390k. I have a mortgage for £280k and the rest is in equity shared between my wife and I. Unfortunately my wife and I are likely to separate this year and I am looking into what our options are regarding the house. In an ideal world one of us would stay in the house but neither of us could afford the mortgage on our own or afford to buy out the other person. I am wondering if there is some way for one of us to sell our share to an investor or if there are any other options available to us. Assuming I am the one to stay in the house I could afford to pay a smaller mortgage and rent the other half of the property but I could not afford the lump sum to buy my wife's share.
Expert:  Clare replied 1 year ago.
Hi
Thank you for that
May I ask how old you each are?
Clare
Customer: replied 1 year ago.
We are both 32
Expert:  Clare replied 1 year ago.
HDo you know anyone who wishes to do this?
Customer: replied 1 year ago.
Hi ClareI don;t know anyone who wants to invest. I realise I could easily sell part of the property to a private buyer but what I am interested in is selling to one of the companies that provide the part-buy part-rent service to people who cannot afford a whole home.
Expert:  Clare replied 1 year ago.
Provided you can ontain the release of your ex from the current mortgage and pay her her share of the equitythen you can indeed so this.However what you will need to do is find an Investor willing to pay off the existing mortgage - and willing to set up the necessary paperwork which will allow you to mortgage your share of the property.I am not aware of any firms who will do this on the basis of sharing ownership - rather than simply renting the property to you - but that does not mean there are none.I hope that this is of assistance - please ask if you need further detailsClare