Question: On Selling for 100% finance.

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From: James Doherty


Hello there everybody.

I have a question for all you experienced people. Can this Work> To try and obtain 100% finance my wife finds a property and makes an offer she signs the section 32 and makes a settlement date. Then she on sells it to myself at a higher figure. I take it to my financier and he finances me at 90-95% of the increased value. We settle on the same day. for eg Wife buys house listed for 100000 for 92000 she on sells it to me for 120000 (making sure still within valuation) bank gives me 108000(90%) to settle, wife takes out agents fee 3800 and legals 6500 we are left with a little left over for some upgrade...Q has anyone seen or heard this work and to all you agents financiers and legal people can it be done...

awaiting your reply

regards
JamesD

 

[Kristine..]

Reply: 1
From: Kristine .


James

Wouldn't you both have to pay stamp duty at settlement?

Kristine

 

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Reply: 1.1
From: James Doherty


Trying to find out that's why i posted the question.
So far agents an even some conveyors have been split 50/50.
must ring the stamp duty office when i finish night shift.

James D
Have a booking with my solicitor to talk about it will let you know.