Hello guys, long term reader of the site. Friend was a builder. Fell on hard times. He has a house down in Laois that is to builders finish. Insolvency practitioners have gotten the bank to write off 50,000 of the debt and he has a mortgage left of 100,000 which he hasn't paid a cent. Will never get to finish the house and he has asked me if I wanted to take over the 100,000 mortgage, sign the house into my name and complete the house with my own funds. I have 50,000 saved myself and I'm 34 years of age.
So I'm wondering the following ->
1. Is it possible for me to take over his mortgage? Do I have to stay with this persons bank?
2. Can the bank change this 100k figure considering someone else with purchasing power would take over the bad debt?
3. Should I meet with the insolvency people to confirm it's 100k?
4. Who is best fitted to take a look at the house and get detailed costings for completion? An engineer/surveyor? Will I even need an architect as it's very much a builders finish for the most part.
5. Is there anything I'm missing? Obviously I'll have to get a solicitor too to work out all the paperwork.
6. If I need more money to complete the build, would I have to remortgage?
The house is about 2,500 sq foot.
Insulation, block work, roofing, gutters, esb connection, alarm wiring, windows, doors, all done.
Kitchen fitted.
Underfloor heating done.
Septic tank needs to be done.
Front and back door entrance and landscaping around the site needs to be done.
Flooring upstairs and stairs needs to be done.
Lick of paint outside.
Plumbing and electrics about 90% there + any extras.
Carpets/Mats/Blinds/Curtains/appliances/furniture etc.
I would appreciate any help on this. I live down in Laois and this would be a fantastic opportunity for me to live locally again. I'm also a FTB.
Thanks a lot for taking the time to read this situation!