Another mortgage issue help thread
Discussion
I'll try and explain the situation here in the hope there's a solution of sorts ...
My sister and I inherited a property that's currently rented out, we own a 50% share each. My sister (and her husband) were interested in buying my share of the rental property, which I was also keen on, I was looking at moving home myself so the extra money would allow me and my family to move further up the ladder than we thought.
They intended to fund the purchase of my share by taking out a BTL mortgage. However, they've since discovered during the application process that the property needs to have been owned for six months prior to effectively remortgaging. The property only transferred in to our ownership in late October.
Whilst this has been happening I've sold our family home and have reserved a plot on a new build (yes, I know the pros and cons). The new build has the standard 28 day exchange that builders like to slip in. But we're now in a position where we can't imagine the purchase being able to proceed ... we need the money from the sale of the 50% share rental property in order to continue. Sister too was hoping to get things sorted in advance of the new SDLT from April.
I've attempted looking for lenders that don't have the six month ownership rules ... without much luck, especially on the BTL site.
Any ideas? At worst we'll lose our reservation fee paid on the new build, but it's a house we really want.
My sister and I inherited a property that's currently rented out, we own a 50% share each. My sister (and her husband) were interested in buying my share of the rental property, which I was also keen on, I was looking at moving home myself so the extra money would allow me and my family to move further up the ladder than we thought.
They intended to fund the purchase of my share by taking out a BTL mortgage. However, they've since discovered during the application process that the property needs to have been owned for six months prior to effectively remortgaging. The property only transferred in to our ownership in late October.
Whilst this has been happening I've sold our family home and have reserved a plot on a new build (yes, I know the pros and cons). The new build has the standard 28 day exchange that builders like to slip in. But we're now in a position where we can't imagine the purchase being able to proceed ... we need the money from the sale of the 50% share rental property in order to continue. Sister too was hoping to get things sorted in advance of the new SDLT from April.
I've attempted looking for lenders that don't have the six month ownership rules ... without much luck, especially on the BTL site.
Any ideas? At worst we'll lose our reservation fee paid on the new build, but it's a house we really want.
TheBaj said:
I'll try and explain the situation here in the hope there's a solution of sorts ...
My sister and I inherited a property that's currently rented out, we own a 50% share each. My sister (and her husband) were interested in buying my share of the rental property, which I was also keen on, I was looking at moving home myself so the extra money would allow me and my family to move further up the ladder than we thought.
They intended to fund the purchase of my share by taking out a BTL mortgage. However, they've since discovered during the application process that the property needs to have been owned for six months prior to effectively remortgaging. The property only transferred in to our ownership in late October.
Whilst this has been happening I've sold our family home and have reserved a plot on a new build (yes, I know the pros and cons). The new build has the standard 28 day exchange that builders like to slip in. But we're now in a position where we can't imagine the purchase being able to proceed ... we need the money from the sale of the 50% share rental property in order to continue. Sister too was hoping to get things sorted in advance of the new SDLT from April.
I've attempted looking for lenders that don't have the six month ownership rules ... without much luck, especially on the BTL site.
Any ideas? At worst we'll lose our reservation fee paid on the new build, but it's a house we really want.
Subject to the details as a whole, I can help with this, we've done a very similar case to this recently!My sister and I inherited a property that's currently rented out, we own a 50% share each. My sister (and her husband) were interested in buying my share of the rental property, which I was also keen on, I was looking at moving home myself so the extra money would allow me and my family to move further up the ladder than we thought.
They intended to fund the purchase of my share by taking out a BTL mortgage. However, they've since discovered during the application process that the property needs to have been owned for six months prior to effectively remortgaging. The property only transferred in to our ownership in late October.
Whilst this has been happening I've sold our family home and have reserved a plot on a new build (yes, I know the pros and cons). The new build has the standard 28 day exchange that builders like to slip in. But we're now in a position where we can't imagine the purchase being able to proceed ... we need the money from the sale of the 50% share rental property in order to continue. Sister too was hoping to get things sorted in advance of the new SDLT from April.
I've attempted looking for lenders that don't have the six month ownership rules ... without much luck, especially on the BTL site.
Any ideas? At worst we'll lose our reservation fee paid on the new build, but it's a house we really want.
Feel free to drop me a line
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