Buying a House - Compicated Though!

Shep_Cobain

Shep_Cobain

Shep_Cobain

Soldato
Joined
26 Feb 2007
Posts
3,322
Location
Blackpool
*Complicated

Right guys,

My Mum and Dad have split up and my Mum has moved out. Now then i still live at home with my parents and can't afford to buy a house yet.

However my mum doesnt want to sell the house and take 50% because i live there etc.

She has said to me though if i give her £46,000 she will give me her 50%.

Now then, i was an estate agent for 3 and 1/2 years and know the property is worth around £135,000. But when it comes to mortgages and finance i wouldn't know if it is possible or not?

Basically can i get a mortgage or very long term loan for £46,000 in order for me to have 50% of the property with my dad still owning the other 50%.

To note... there is no mortgage on the property and my parents own the house outright.

Thanks,

Shep
 
Last edited:
Thanks for the positive feedback mate. I will do, its just i have been out to tea with my mum tonight and we got talking about it so it got me quite excited.
 
my dads all for it and so is my mum. They have mutually split up but and i know it would be possible however how would the funding be done is my question?
 
I'm not sure about the finance but have you asked yourself it you'll ever meet someone and want to settle down in a house with them? If you do buy this then you're effectively stuck with 50% share of a house that your dad is living in, the loan/mortage that goes with it and the need for him to agree to up sticks or buy that share off you before you can move in with your then partner.

At the moment you live there with your dad, so what benefit is there to you? It's not being selfish - just realistic. Yes you have a share, but you also have a burden, a risk and liability to the house and your father.
 
Halfmad said:
I'm not sure about the finance but have you asked yourself it you'll ever meet someone and want to settle down in a house with them? If you do buy this then you're effectively stuck with 50% share of a house that your dad is living in, the loan/mortage that goes with it and the need for him to agree to up sticks or buy that share off you before you can move in with your then partner.

At the moment you live there with your dad, so what benefit is there to you? It's not being selfish - just realistic. Yes you have a share, but you also have a burden, a risk and liability to the house and your father.
Click to expand...

I know what your saying but i would own 50% of a property (I'm on the property ladder). When i decide to move out my dad could buy me out or we could sell the house and he could buy a 1 bedroom flat and i could use the money as a deposit on another property etc. Or i could get my missus to get a mortgage on the other half etc.

This is what i actually want but just wondered if anyone could tell me whether or not getting the finance is possible. I will seek professional advice but i can't do that till this weekend.

Thanks.
 
Halfmad said:
I'm not sure about the finance but have you asked yourself it you'll ever meet someone and want to settle down in a house with them? If you do buy this then you're effectively stuck with 50% share of a house that your dad is living in, the loan/mortage that goes with it and the need for him to agree to up sticks or buy that share off you before you can move in with your then partner.

At the moment you live there with your dad, so what benefit is there to you? It's not being selfish - just realistic. Yes you have a share, but you also have a burden, a risk and liability to the house and your father.
Click to expand...

Some wise words here, particularly from someone called Halfmad.
 
Shep_Cobain said:
This is what i actually want but just wondered if anyone could tell me whether or not getting the finance is possible. I will seek professional advice but i can't do that till this weekend.
Click to expand...

That depends on your own financial circumstances. Someone would lend the money for this scenario providing you meet their lending criteria. At the moment getting a mortgage can be difficult in the current climate.

Rgds
 
do you really want to be burdened with a 50% stake in a house? things could get very complicated later on
 
There are a load of assumptions that you're making. What if your dad doesn't want to sell his share in the future? What if you do but no one else wants to buy your 50%?

Seriously, owning half a house is a worse position to be in than owning none at all.
 
HangTime said:
If your dad can afford to buy you out then surely it would make sense for him to buy your mum out and own 100% of the property (then continue charging you rent as normal obviously)?
Click to expand...

Who says his dad will be able to buy him out in the future too - why be lumbered with 50% of a house just for your dad to live in it whilst you can't rent or buy one of your own?

Heartless thing to say, but it has to be done!
 
I would want to know a couple of things, you say it's worth 136k, do they have a mortgage remaining on it?

If so, how much, your 46k payment for 50% sounds good but not if your buying into then owing her 50% (hope you understand what I mean)
 
LOAM said:
I would want to know a couple of things, you say it's worth 136k, do they have a mortgage remaining on it?

If so, how much, your 46k payment for 50% sounds good but not if your buying into then owing her 50% (hope you understand what I mean)
Click to expand...

He's already said they own it outright.
 
My mate did this with his dad, when his ex wife left.

Not his mum but he bought into the property to pay her off, although things didn't go well.

His dad started seeing someone and bringing them home who he didn't get on with and his misses wanted to stay over more, he has ended up moving out and renting somewhere just to get away from it all so he is out of pocket until his dad can pay him back

Remember people have lives and what might seem like a good idea now can become a burden later on.
 
I understand everyones comments with regards to the matter and the advice you are all giving. But my dad won't want to live in a 3 Bed Semi on his own if in 2-3 years time i decide to move out. Also, if my mum wants her half of the house it means putting the house on the open market because my dad has refused to re-mortgage the property in order to give her the money for 50% of the houses value.

So... If i decide i want to leave when i own 50% of the property then my dad would be best allowing us to sell the house and splitting the overall selling figure.

OR... me and my girlfriend could just buy him out and own thw house 100% together. This way if my dad meet someone he could move into a flat or smaller property.

Thats the idea behind it anyways.
 
You must log in or register to reply here.
Back
Top Bottom