Selling part of mortgage home

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I can clear my mortgage by selling 25% of my property to an acquaintance. Im unsure how I can do this. Example value £240,000. Owe £58k investor offering 60k so 25% then in 10 years I can sell or pay back money min 60k or 25% + increase value less there share off costs. In mean time ill.be paying £100pcm rent. So bargain my part. Im to be responsible for all bills and upkeep. But I have know idea how to go about this. Basically. There being a int only lender but at end will most likely make a profit. Problem is I have know idea how to go about this and costs involved. Any one know or point me in right direction. Thanks.

How you do this is relatively simple: you visit a solicitor, explain what you want to do and arrange for a transfer of a share of the equity, for another person to be added to the title, and draw up the terms you're agreeing to. If the mortgage is being cleared, it should be straightforward with your lender.

What's your reasoning for doing this? Can you no longer afford to pay the mortgage? What if you and the acquaintance fall out next year and they want their money back? Will you be able to raise a new mortgage to buy their share back? If you can't, they could force a sale to get their money. Likewise, if they die, you'll have whoever acquaintance wills owning a share of your home - and they might not be amenable to any previously agreed arrangements.

Not sure why you'd pay £100 "rent" too? Surely the other person owning 25% of the property would also bear 25% of all maintenance costs? Or have I got this completely wrong? wouldn't be the first time

True they should be responsible for part maintenance. But ill be living here. I can afford to pay mortgage. But in no position to renew. Very good thinking about death or falling out this is where I would need a solicitor. I hoping in ten years I can buy out the final percentage or at least mortgage or even my son mortgage if he wants house.

Definitely a job for a solicitor.

It sounds like a recipe for later arguments to me.

Why would you pay rent to the person owning 25% of your house when you own 75%? Will you be using the house as if 50/50?

Why will you pay 100% of maintenance costs?
Why will you pay 100% of bills?

Why do you want to sell part now and pay more for it in 10years when you can afford the mortgage?

What are you getting from this situation? It sounds like a terrible set up and inadvisable?

Oh, I've read again and think I can see where you are going.

Is it that you cannot get the mortgage? So someone has offered to be an unofficial lender to you?

Pretty much. If you only own part off a property you always have to pay the non resident owner rent for there share. The only difference is. Normally people own house out right then sell percentage. Just cause doing it other way. It makes it odd. If I clear mortgage it will allow me my out going to drop slightly. Give me opportunity to invest in my business im hoping to start up. :)