Hi,Staggered property purchaseI have

07/29/2014 - 08:50

Hi,Staggered property purchaseI have read alot of these posts, but this is the first time I have posted myself. I am having problems remortgaging my London property to release equity. ( I am fiscally and physically resident in Italy, and this is a problem now after the recent changes to mortgage application rules of this year , as I earn in euros not sterling ) I needed the money to buy some land, to build on ( for a second home in Tuscany by the sea ). And the owner has offered to take 2 thirds of the purchase price up front, and for the other third in yearly installments over a 6 year period.Has anyone else heard of this? Is this actually possible?ThanksJessica

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Yes its possible, at the seller's risk however. ONce the act of sale is signed and you decide not to pay there is very little the seller can do.   Any retaining clause will not allow you to get a concessione edilizia.  New build in Tuscany? I thought that was now impossible.   Re remortgages in UK - now virtually impossible if you want it for Italy.... 

Dear Modicasa,Thank you for your kind reply. My ( Italian ) husband works in bioedilizia ( so the wood frame eco houses ). And although there are very few in Tuscany, they are allowed. And there plots where there is already premission for new houses. We have already done the renovation of a 17Cent house, and having a young family,  the thought of a second home that is warm and modern, but in a rural setting is appealing. We have a great arcitect, and the commune seems very flexible ( as long as they get the money for the permissions !).It is so much cheaper than renovating, and we wanted something different to the low stone houses in the area.However from what you say, it could be that the seller, once he looks into it, will decide not to do this kind of sale. If there is no comeback for late or missing payments...And I had not considered that a permission to build maybe witheld if the sale / ownership has fully passed to us...Londoner x

Sorry I wasnt very clear.  If the owner sells to you with a clause which says he retains the ownershiip but gived you possession until the last rate of payment is made, you wouldnt be able to get a concession.  If he sells to you outright and you just pay in rates, then there is no reason why you couldnt get a concession because you will be the legal owners.  I hope it works out for you..