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Ask Clare Your Own Question
Clare, Solicitor
Category: UK Property Law
Satisfied Customers: 33005
Experience:  25 years exeperience
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Gill.I am looking regarding a delayed completion

Customer Question

gill.I am looking for advice regarding a delayed completion on a property i want to buy but can only complete the sale in 24months
JA: Thanks. Can you give me any more details about your issue?
Customer: I want to buy a property from a relative who is leaving the country soon but i am unable to complete on the sale just yet as i am self employed and can't get mortgage for the amount needed. I don't want to loose the house. I was hoping i could exchange contract and complete purchase in 24 months. is this possible?
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Submitted: 6 months ago.
Category: UK Property Law
Expert:  Clare replied 6 months ago.
HiThank you for your questionMy name is ***** ***** do my best to help you but I need some further information firstIs your relative willing to wait for the money?
Customer: replied 6 months ago.
Hi Clare,
The agreement is i will give him a deposit of 40% and balance on completion.
Expert:  Clare replied 6 months ago.
What would happen if you do not get a mortgage in two years time?
Customer: replied 6 months ago.
in the case we will sell and get the percentage from proceeds
Expert:  Clare replied 6 months ago.
Is there a mortgage on the property?
Customer: replied 6 months ago.
yes there is.
Expert:  Clare replied 6 months ago.
How much is the property worth and how much is outstanding on the mortgage?
Customer: replied 6 months ago.
the property has been valued at £286000 with a mortgage of £186000
Expert:  Clare replied 6 months ago.
How much will you pay him?
Customer: replied 6 months ago.
a total of £85000
Expert:  Clare replied 6 months ago.
Have you considered going into temporary partnership with your relative instead?
Customer: replied 6 months ago.
what is that?
Expert:  Clare replied 6 months ago.
Instead of having a contract for sale you could "buy into" the property and your relative can sign a Declaration Of Trust confirming that he holds the property on hebalf of you both and cannot sell or remortgage the property with out your agreementThe alternative is a Contract for Sale which could leave you at risk if he goes bankrupt or fails to pay the mortgagePlease ask if you need further details
Customer: replied 6 months ago.
thanks for the info. I will look for a solicitor who can help me with a declaration of trust.
Expert:  Clare replied 6 months ago.
Excellent ideaClare
Customer: replied 6 months ago.
thanks for your help Clare.
Expert:  Clare replied 6 months ago.
You are most welcome I hope all goes well

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