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Aston Lawyer
Aston Lawyer, Solicitor
Category: Law
Satisfied Customers: 10779
Experience:  Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
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My 28 yr old daughter has had a mortgage years but personal

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My 28 yr old daughter has had a mortgage for 2 years but personal changes in her life make it necessary for her to sell (she lives in London and property may fall during this time of instability ). She and her new partner propose to live on a narrow boat which they have renovated and spend the next year saving for a joint property. This will also give them time to decide which part of London they need to live . The 2 year mortgage is entirely in my daughters name. Will she be taking any risks by coming out of the market and is her bank likely to demand substantial fees ? She bought for £171 and has been give a selling quote of £260. How much of that profit is she likely to receive. Is she likely to be viewed in a negative way when requesting a joint mortgage in the future? Pauline Blackwell
p.s. I helped with the initial deposit so do not want to see her take financial risks.

Hi, thanks for your enquiry. Firstly, your Daughter's credit rating won't be adversely affected if she were to sell and not take out a new Mortgage at this time. As and when she is ready to buy again with her partner, Banks/B Societies will look at their joint income at that time, and provided neither of them have defaulted on any loans/credit card payments, they will be fine to apply and the fact that they do not have an existing Mortgage will make no difference. As regards ***** *****'s existing Mortgage, she will need to check if she is still on a special rate of interest- she may be on a fixed 3 year deal or a discounted 3 year deal. If so, there will be an Early Repayment Charge made if she were to sell before the end of the special deal (normally an additional 1% of the Mortgage amount). All Mortgages are different so only your Daughter will be able to find this out. If she is still tied in on a special deal, she may want to delay the Sale until this period has expired. Subject to this, the only charge the Bank will charge is a closing account fee of approximately £150-£250. I hope this assists and answers your question. If I have helped, please don't forget to rate my answer. Kind Regards Al

Hi Pauline,

Can I assist you any further?

Kind Regards


Hi Pauline, if I have assisted in answering your question, I would be grateful if you could rate my answer, so I may get credited for my time. Kind Regards Al

Hi Pauline, if I have helped, I would be grateful if you could rate my answer. Kind Regards Al

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