How can I sell a 3 bedroom property. The owner handed this property and mortgage to me because of financial issue.Am currently paying the mortgage with the rent..
We need some more info to help you.
Is the property located in London?
Do you actually own the property or is it still in the hands of the owner?
Is your name on the mortgage or are you just paying someone else's payments for their mortgage?
yes the property is located in london.
In february 2013, the property was going to be repossesed in 1 week time due to morgage arrears and the owner ask me to buy it. He signed common law agreement that he is selling the property to me and gave me all the mortgage papers. I contacted the bank and change the account to take mortgage each month from my bank account. Although his name is still on the mortgage but he is not involve in anything about the property anymore. I informed the tenant that am the new landlord infront of the old landlord and they agreed and started paying rent to me.
There is 200 cash flow and now there is equity of 50000.00.
Now i want to sell the the property and get this equity.
How can i go about this?
Im not sure of the intricacies of the UK real estate market so take what I say with a grain of salt. I would be making sure that the title of the property is in your name. I would be very uncomfortable with the owners name still being listed on the mortgage. Bottom line I would contact a real estate professional or at least an attorney.
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