Hi, looking for some advice please!
My sister and I jointly own two houses and live in one each (we released equity in the first to buy the second). My partner and I now want to buy together, and need to be clear of these responsibilities before we can do so. Both houses are about equal in value to the outstanding loan, both trackers, one with PTSB and one with Bank of Scotland.
We would like to sell one house and transfer the other into my sister's name alone. She can afford the payments on the remaining house.
We hope to do this as simply and cheaply as possible. Since there is no profit to be made from a sale at present, can we simply sell one of them and then I release my interest in the other? Or would she 'owe' me for half the market value?
Or failing that, can we virtually 'swap' our interests in the two houses so we are each responsible for one, or would that require each of us having the cash to buy each other out?
And looking at other threads it appears we would be looking at some stamp duty issues whichever way we do this...
Would appreciate any guidance as we don't know whether we should be approaching a solicitor or our mortgage lenders to get this process started.
Many thanks.
My sister and I jointly own two houses and live in one each (we released equity in the first to buy the second). My partner and I now want to buy together, and need to be clear of these responsibilities before we can do so. Both houses are about equal in value to the outstanding loan, both trackers, one with PTSB and one with Bank of Scotland.
We would like to sell one house and transfer the other into my sister's name alone. She can afford the payments on the remaining house.
We hope to do this as simply and cheaply as possible. Since there is no profit to be made from a sale at present, can we simply sell one of them and then I release my interest in the other? Or would she 'owe' me for half the market value?
Or failing that, can we virtually 'swap' our interests in the two houses so we are each responsible for one, or would that require each of us having the cash to buy each other out?
And looking at other threads it appears we would be looking at some stamp duty issues whichever way we do this...
Would appreciate any guidance as we don't know whether we should be approaching a solicitor or our mortgage lenders to get this process started.
Many thanks.