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Please help me, I have found a property, and the owner is willing to give up the mortgage due?

Please help me, I have found a property, and I like it, and there is nothing wrong with it, the owner is willing to give up the mortgage due, he is not in any arrears with the mortgage, he has another property owned outright. He is willing to transfer the mortgage in my name, and I take full responsibility for the mortgage, in return I pay a large lump sum to him, taking consideration, rise in value, and other costs with lender etc. I can afford the current outstanding balance, and it is easily document proven, I am employed, I have no loans or credit cards. Will the lender except me to take over the mortgage? Assuming I meet their credit assessment and affordability. I do not want the current owner or anyone else in the mortgage. I want to keep his mortgage account, with the same balance. Do I have to do everything through a solicitor, as buying a property, through the legal process, e.g. searches etc. Do I have to pay stamp duty, by taking over the mortgage? I am a first time buyer.

Asked on Nov 17 2012, Home Finance in London | Report content

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