Looking to Buy An Apartment

Klasse

At the moment my family own a property in the city centre of Dublin that has not been sold i was wondering if you can take a mortgage out from this unsold property i am not working at the moment and was told you can do a deal with the bank to buy an apartment outright from the eventual sale of our family home in the city centre.

Is this possible ??

davo10

Klasse wrote: »

At the moment my family own a property in the city centre of Dublin that has not been sold i was wondering if you can take a mortgage out from this unsold property i am not working at the moment and was told you can do a deal with the bank to buy an apartment outright from the eventual sale of our family home in the city centre.

Is this possible ??

Are you the owner of the property? I can't see any bank giving you a mortgage based on what you might get if a property sells, they are likely to tell you come back when you have the proceeds from the sale in your bank account.

Klasse

Yes there is 3 names on the property

Kings Inns or bust

Not really a legal discussion but to echo the above - I can't see a bridging loan (essentially what this is) being given. You'll be in a better position to wait until the sale goes through, then purchase somewhere outright with the improved bargaining position of being a cash buyer without any chain.

davo10

From watching from afar as a relative's spouse's family tore themselves apart over the sale of a house held in joint names after a death in the family, no bank would take op's current situation as collateral on a loan, it might be a different situation if op was outright owner of a valuable asset.

Kings Inns or bust

davo10 wrote: »

From watching from afar as a relative's spouse's family tore themselves apart over the sale of a house held in joint names after a death in the family, no bank would take op's current situation as collateral on a loan, it might be a different situation if op was outright owner of a valuable asset.

Perhaps, the security is there, but I'd be very doubtful given the onus on financial institutions to lend responsibly that they would consider the OP without a regular income. Now I'm imputing that he/she does not have a regular income, but usually one who does is not at pains to point out they're 'not working at the moment'.

davo10

Kings Inns or bust wrote: »

Perhaps, the security is there, but I'd be very doubtful given the onus on financial institutions to lend responsibly that they would consider the OP without a regular income. Now I'm imputing that he/she does not have a regular income, but usually one who does is not at pains to point out they're 'not working at the moment'.

That alone would put off all lenders, never mind the complication of joint ownership. I think the op was asking about the legality of the situation he outlined rather "if" the mortgage would be approved. Either that or the thread is in the wrong forum.

Klasse

I am under the assumption you can buy an apartment outright these days anyway ???

GeorgeOrwell

The easiest answer is for your two family members to buy you out of the apartment. They will pay you 1/3 of the value of the apartment, and you can use it as a deposit for a new place, or to keep you going until you find work.