• Equity Release Or Remortgage?

    By Guest on 17th Feb 2020

    My parents are looking to release equity from their property. The mortgage is paid but there is a small secured loan against the property. Would it be possible for me to mortgage the property if they sign it over to me? Is this a better/ or even viable option? Are there alternatives?

  • 2 Answers

    By Guest on 18/02/2020

    Sell it and move abroad

  • By NotaryExpress on 18/02/2020

    If they gift the property to you (presumably with a transfer at undervalue indemnity which your conveyancer will arrange) you could then remortgage it. Note that most lenders require you to have owned a property for at least 6 months before you can remortgage. Always check the tax position as well e.g. inheritance, capital gains, etc, with your accountant. The other alternative would be for your parents to do an equity release. I advise you may wish to discuss the matter with a professional financial adviser.

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