Half-Share in Property

[Pookie]

I have a half-share in a house in Ireland and want to buy my the other half-share from my cousins. I have a mortgage set up to buy the share and also begin renovations. The solicitor who is handling the sale says he requires 10% deposit before he will request the funds from my mortgage company. I say this is not necessary as I already own half the property. I would welcome any advice on this. Many thanks

[Oneeyedvic]

Are the mortgage company providing the full amount that is the purchase price from your cousin, or are you paying any form of 'deposit'.

 

I mean that if the half of the house is costinf �50,000 - is all this to be funded by the mortgage company, is it a new mortgage or are you 'topping up' an existing mortgage?

[Didwot]

In England it is usual to pay a 10% deposit when you exchange contracts to purchase a property. It may be the smae in Ireland, but you are not really purchasing at all, just buying out your cousins, and there will probably be bo contract, let alone any exchange. Your lawyer will need to have sufficient funds from whatever source to pay off your cousins, and to pay all the costs. If your mortgage were to provide less than this, then he would want the ablance from you. As you say the mortgage is also to pay for renovations it would appear to be more than is required to pay off your cousins and the costs, so I do not underrstand why he would need any extra funds.

PS to Oneeyedvic. any ideas on how we can get Maud to change their mind?

[Didwot]

Sorry for the typo. Should read any balance

[Didwot]

or perhaps I should have written:

Your lawyer will need to have sufficient funds from whatever source to pay off your cousins, pay off any existing mortgage, and to pay all the costs.

[Oneeyedvic]

Didwot - am about to reply to my own question in suggestions - please can you report it to AB editor

cheers

[1447]

I have not done a half share in the UK however we have done them in the USA. I am not sure what the solicitor needs the 10% for. Why can you not just request the funds?