house ownership transfer

[allofatizz]

a member of my family owns the house i live in,this person wishes to sell the property to me, however i have previous adverse credit which prevents myself from obtaining a mortgage. i would like to know if there is a way of complete transfer of ownership to myself without obtaining a mortgage,the property currently has a small mortgage on it of around 1/3 of the value.then i could secure or remortgage the property to release funds to repay the family members mortgage on the property, therefore they no longer have ties to the house and i would own it. i would like as much info as possible regarding this situation.

thanks

[bednobs]

a remortgage is a mortgage surely, so if you cant get a mortgage, you cant get one!

[allofatizz]

i didnt want a remortgage i was asking if anyone had info on how to tranfer ownership without a mortgage as such.

[bednobs]

but how will you raise the money to pay the relative back without a mortgage(secured loan)? Also, you would then be in a position of owning a house wich someone else has a mortgage on on which will surely be againt the terms and conditions of their mortgage?

[dzug]

They pay off the mortgage and give the house to you is one solution - doubt if they'll buy it though.....

[bednobs]

in case i didnt make myself very clear in my last post, the relative cant just give you the house because its not theirs - 1/3 of it belongs to the mortgage co.

[bednobs]

in case i didnt make myself very clear in my last post, the relative cant just give you the house because its not theirs - 1/3 of it belongs to the mortgage co.

[allofatizz]

hiya dzug thanks for your reply. another queation for you if you wudn't mind the owner in question just wants out of the mortgage on the house and wants me to own it, as we very close,the question being now is how does she raise the money without securing it against the house if you know what i mean.it wouldnt be a problem for me to raise the money if i owned the house to repay the owner as there is equity in it and the member of family only bought the house so i ad somewere to live with my chidren.
thanks

[EverClean]

There are very few people that can't raise a mortgage nowadays. Even undischarged bankrupts can get a mortgage subject to certain conditions. Speak to a mortgage adviser to check out your eligibility and any rate you would be liable to pay.

It is probably going to be easier for you to raise a mortgage against the house than it is for your relative to rasie the money unsecured and pass this over for a deal to be done later.

Their main option would be a personal loan, but this is limited to �25,000 and is still subject to assessment of affordability.