me again,i asked if its possible my boyfriend could buy my house off me?

Question

i bought it off the council for £60500 3 years ago and can now sell..trouble is my partner doesnt want to move but i was wondering if he could buy it off me as i want to pay some debts off with whats left over.its now valued at £115000.the mortgage as been in my name for the 3 years.i have a secured loan of £24000 as well which is crippling us in repayments.if i sold it to him i could pay this off but still live here with him.how would we go about it..solicitors or estate agent...i dont know where to start? thanks again marie

Answer 1

You could conceivably sell your house to your partner, but he would have to qualify for and obtain a mortgage for that purpose. If you are in this together, you would be simply borrowing money to pay off a debt, thus creating another debt, with perhaps a better interest rate. Although you could pay the "crippling" debt off, you would still have that debt in another form. You are simply robbing Peter to pay Paul, no real gain.