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Jo C.
Jo C., Barrister
Category: Law
Satisfied Customers: 32086
Experience:  Over 5 years in practice
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We are in the process of of selling our property and buying

Customer Question

We are in the process of of selling our property and buying a property off family. The property we are selling we will have negative equity

The property we are buying off family s valued at £250k and we are purchasing for £170k. Our lender has given us a 100% consessionary mortgage of £210k on the bases that we pay my mother in law the full £210k to her solictor then her solicitor then pays off our negative equity and fees and some debts on behalf of us as a gift. Our lender has approved this all and has put it in writing to our solicitor but they are no saying they cannot use the money as they need to finish our sale before the can do our purchase but the whole 210k needs to go to my mother in law first. Is this correct my mortgage broker and lender said its fine!
Submitted: 4 years ago.
Category: Law
Expert:  Aston Lawyer replied 4 years ago.

Hi there,

Thanks for your enquiry.

Not 100% certain what your Solicitor is saying?

Are you intending on completing your Sale and purchase on the same day?

Kind Regards