Transferring property back to myself?

Transferring property back to myself?

9:24 AM, 21st September 2022, About 2 weeks ago 12

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Hello, Can you please advise the best way to transfer my flat back to me now?

In 2005 I bought my first one-bedroom flat for £265,00.00 getting a mortgage of £238,075.00

2007 I got married and bought a new 2-bedroom apartment with my husband for £440,000.00. I had to sell my first one-bedroom flat to get a mortgage on the new apartment.

Because I couldn’t sell, and the property market collapsed I had to transfer this flat to my sister’s name for £238,970.00. She had a mortgage in her name.

My sister stayed in this flat till 2021 and paid interest only on her mortgage. In 2021 my sister bought her house, and she is having similar issues with selling this flat.

In 2022, I want to transfer my first flat back to my name for the same mortgage amount of £239,00.00.

What is the best way?

Navin



Comments

Olls63

10:50 AM, 22nd September 2022, About 2 weeks ago

Reply to the comment left by Mr Navin Manekporia at 22/09/2022 - 10:01
Short of getting a valuation from an estate agent or surveyor, you could use https://www.nationwide.co.uk/house-price-index/

Simon M

12:17 PM, 22nd September 2022, About 2 weeks ago

Or search on Zoopla or Rightmove for flats in your area with similar accommodation. There's a filter (SSTC) to show where a sale has been agreed, but all prices are the asking price so higher than the value. In my area most properties at £250K are overpriced. Once they reduce the price by £10,000+ they often sell but still not quickly so buyers are still offering less.

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