Is it possible to replace a mortgaged apartment?

How to exchange an apartment with an additional mortgage payment?

The specifics of registering a mortgage and conducting transactions with mortgage real estate are regulated by Federal Law No. 102-FZ dated July 16, 1998. There are no restrictions regarding the minimum amount for a housing loan, so when buying an apartment, citizens can use part of their own funds and ask the bank for another part.

How is the procedure for exchanging an apartment for an apartment with an additional mortgage payment:

A citizen studies mortgage lending programs and chooses the most profitable one for himself. You should pay attention to interest rates and maximum terms: the lower the “interest” and the shorter the period for using the loan, the less the overpayment amount. When the loan term is shortened, the size of monthly payments increases, and if the borrower has an insufficient level of income, he will be offered a maximum term, because in most cases, the amount of mandatory payments should not exceed 40-50% of the salary.
Once the mortgage application is pre-approved, the borrower searches for a buyer for the existing home and at the same time looks for a property for himself. You can entrust this process to the bank if it provides such a service.
When a buyer is found, a preliminary purchase and sale agreement is drawn up. It is provided to the lender.
After finding a property for purchase, a draft agreement with the seller is sent to the bank.
Experts evaluate the property being purchased. The amount of the approved amount depends on the estimated value. After this, the bank gives final approval.
The borrower is transferred funds for the living space being sold, after which he immediately transfers it to the seller of the home he is going to buy, according to a preliminary purchase and sale agreement.
A mortgage agreement is concluded with the bank, and at the end the balance of the missing amount is transferred to the seller from whom the borrower buys the apartment.
The debtor registers ownership in Rosreestr or MFC.

IMPORTANT !!! The bank does not have the right to set its own conditions for the sale of the borrower’s housing, which he bought with his own money, because it is not pledged. In the situation with purchased real estate, the opposite happens: here the lender will take into account its condition, year of construction and commissioning, location, presence of encumbrances and other factors that pose risks to him.

How to expand living space if the apartment has a mortgage

Hello. We have a mortgaged apartment with a total area of 44.6 square meters. m. owned by my husband 1/2. I, my husband and two small children (different sexes) are registered. Is it possible to submit documents to expand the living space? young family

Answers from lawyers (2)

If your city has programs to improve housing conditions for young families, you can confidently apply for improved housing conditions. There are no restrictions in relation to young families - owners of apartments that are under mortgage when establishing the status of a family in need of improved housing conditions.

According to Appendix No. 3

federal target program

A young family can participate in the subprogram, including a young family with one or more children, where one of the spouses is not a citizen of the Russian Federation, as well as an incomplete young family consisting of one young parent who is a citizen of the Russian Federation and one or more children meeting the following conditions:

a) the age of each spouse or one parent in a single-parent family on the day the executive body of a constituent entity of the Russian Federation made a decision to include a young family participating in the subprogram in the list of applicants for receiving social benefits in the planned year does not exceed 35 years;

b) a young family is recognized as in need of housing in accordance with paragraph 7 of these Rules;

c) the family has income that allows them to obtain a loan, or other funds sufficient to pay the estimated (average) cost of housing in a part exceeding the amount of social benefits provided.

For the purposes of these Rules, those in need of residential premises are understood to mean young families registered as needing improved housing conditions before March 1, 2005, as well as young families recognized by local government bodies at the place of their permanent residence as needing residential premises after 1 March 2005 on the same grounds as established by Article 51 of the Housing Code of the Russian Federation for recognizing citizens as needing residential premises provided under social tenancy agreements, regardless of whether they are registered as needing residential premises.

The procedure and conditions for recognizing a young family that has sufficient income to obtain a loan or other funds to pay the estimated (average) cost of housing, including the amount of social benefits provided, are established by the state authority of the constituent entity of the Russian Federation. exceeding the amount provided

That is, if you are registered as in need of improved housing conditions on the grounds established by Article 51 of the Housing Code of the Russian Federation, then you retain the right to be registered until you receive housing or are deregistered. By virtue of Article 56 of the Housing Code of the Russian Federation

Citizens are deregistered as those in need of residential premises in the following cases:

1) they submit an application for deregistration at the place of registration;

2) their loss of the grounds giving them the right to receive residential premises under a social tenancy agreement;

3) their departure to their place of residence in another municipal entity, with the exception of cases of change of residence within the federal cities of Moscow and St. Petersburg;

4) they receive, in accordance with the established procedure, budget funds from a state authority or local government authority for the purchase or construction of residential premises;

5) provision to them in the prescribed manner from a state authority or local government body of a land plot for the construction of a residential building, with the exception of citizens with three or more children;

6) identification in the documents submitted to the body carrying out registration of information that does not correspond to reality and served as the basis for registration, as well as unlawful actions of officials of the body carrying out registration when deciding on the issue of registration.

That is, if you purchase a home with a mortgage on your own and the total area for each family member is greater than the registration norm, then you will lose the right to be registered

Dear site visitor!

That is, you are required to provide a document. about the availability of residential premises in respect of which you and family members have independent right of use.

In this case, the decision to refuse recognition of those in need of residential premises can be appealed in court.

Thus, you should independently determine the level of security of your family. pl. and submit the document. in JP.

I can provide assistance with document preparation.

A difficult financial situation, a desire to earn money, or plans to expand living space - whatever the reasons for selling a mortgaged apartment, the process will have its own characteristics and difficulties. Experts reminded the RIA Real Estate website what is important to know when selling an apartment under collateral.

Recommendations

When deciding to take out a mortgage to pay part of the cost of a new home, borrowers should pay attention to a number of nuances:

Each bank sets its own requirements regarding the condition of real estate. Most often, it is not allowed to purchase an apartment in a dilapidated building that is more than 70% worn out. They will also not give approval for the purchase of a dwelling in a house subject to resettlement by order of the municipal authorities, if it is included in the relevant plan.
Lenders consider the borrower's income level when calculating the maximum amount for approval. If the amount of monthly payments as a result of calculations exceeds 50% of the salary, the loan will be denied. If there is a co-borrower, the income of both parties is taken into account, but if they have children, expenses for them are also taken into account: the minimum cost of living for each child is subtracted from their total earnings.
If a minor is registered in the home being purchased, you must ask the seller to sign him out. This is done only with the permission of the guardianship authorities. If the transaction is completed and it is subsequently discovered that incapacitated people are registered in the apartment, their legal representatives will be able to challenge the purchase and sale agreement, which violates the rights of their wards. This puts the buyer at a disadvantage, and it will be problematic to recover the funds paid from the seller through the court.
To do everything as quickly and safely as possible, it is advisable to use not cash, but renting a safe deposit box. Money from the sale of real estate will be stored in it, and through it the seller of the apartment that the borrower is buying will be able to receive funds in the future.

ATTENTION !!! The law does not prohibit the exchange of an apartment with an additional mortgage payment, however, it is necessary to take into account a number of requirements imposed by banks both on borrowers and on the purchased housing. It will not be possible to carry out a transaction without drawing up sales and purchase agreements, because it requires the borrower to have sufficient funds initially.

Documents required for registration of apartment exchange under mortgage

To complete a housing exchange transaction, the borrower must provide the following package of documents:

Original passport and copies of all pages;
Certificate of income 2-NDFL from the enterprise or bank statement confirming income. These documents are required to calculate a new loan.
For men who are under 27 years old, the original military ID and its photocopy are required;
A document confirming the borrower’s permanent place of work;

Required documents for the apartment:

Title documents that confirm ownership of this apartment;
Cadastral passport for the apartment. If the mortgage is issued for less than 5 years, then you can provide the passport that was issued for the previous loan;
An extract from the house register, which contains information about all citizens registered in it;
Provide a document confirming that there is no debt for utility services;
Conclusion of an independent assessment of the cost of each apartment;
If in one of the apartments there are registered children under 18 years of age, then permission from the guardianship or trusteeship authorities is required;

Exchange of a mortgaged apartment is possible if you constantly cooperate with the bank and avoid delays on your mortgage loan. In most cases, banks replace the collateral or replace the borrower.

Methods for exchanging a mortgage apartment

There are several options for exchanging living space for a larger one with an additional payment, for a house or for a smaller one in the number of square meters:

Signing an exchange agreement with substitution of collateral. In this case, the parties first agree on a replacement, then the borrower notifies the lender by providing him with an agreement, and after receiving permission, the old borrower is replaced with a new one.
Drawing up purchase and sale agreements. The debtor sells the mortgaged home with the permission of the bank. The balance of the debt is repaid by the buyer before signing the contract, due to which the encumbrance on the property is removed.
Applying for a consumer loan to pay off the balance of debt with the subsequent sale of real estate.

IMPORTANT !!! Short-term loans in most cases have high interest rates (from 15 to 20% per annum), so they can be used if the amount of debt is small and the borrower can repay the loan as soon as possible. If you neglect this rule, the amount of overpayment will be quite high.