• Purchasing Family Property

    By Guest on 08th Feb 2016

    My uncle has sold his flat to me which is based in Bedford and I am based in London. How can we complete this transaction if he lives in another country and has no intention of coming back.
    This flat is only worth £90'000 and has an outstanding mortgage of £31'0000 my intention is to pay off the mortgage immediately and give my uncle £25'000 we both have made a verbal agreement and don't know the best way to complete this transaction without no comebacks. At this present moment there is a tenant living there so I would have no immediate intention of reselling

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    By Guest on 08/02/2016

  • By Guest on 28/02/2016

    Apart from paying off the mortgage and giving your uncle £25000 wil you be paying him any more money and if so will this be paid at a later date? If yes then you would show the purchase price in the transfer as £56000 and he could put a charge on the property for the remainder of the price. You might have a problem if you need a mortgage though.

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