pigeonpie
Contributing Member
Cash: $ 3.40
Posts: 25
Joined: 20 Aug 2005
Location: England
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| Remorgages |
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What is the best way to buy my mothers council house. I do not understand remorgages can someone please help?
kaz
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Sat Aug 20, 2005 10:57 pm |
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efflandt
Senior Member
Cash: $ 80.45
Posts: 401
Joined: 25 Apr 2005
Location: Elgin, IL USA
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Assuming your mother has a mortgage on it now, it would need to be remortgaged (refinanced) in your name and someone would have to properly record the deed or title. The mortgage company may see to that. But you may want to hire a solicitor or barristor to make sure that the paperwork is in order, and no surprises to bite you later.
Earlier this year I refinanaced my own home to get a lower interest rate for shorter term (20yrs vs. 30 yrs). But it was the same bank, and there was no ownership change, so closing costs were minimal. I could have gotten a little better interest elsewhere, but closing costs would have been much higher for paperwork my bank already had (appraisal, title search, etc.).
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Sun Aug 21, 2005 1:05 pm |
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pigeonpie
Contributing Member
Cash: $ 3.40
Posts: 25
Joined: 20 Aug 2005
Location: England
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| morgage |
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No she does not have a morgage as council. She has put in to buy it but we were going to finance it somehow
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Sun Aug 21, 2005 1:07 pm |
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