shared house to buy and rent

mlz1413

I would appreciate some advice on an idea I've had, the background is my Dad lives in house but when it is sold he is entitled to 25%. My fella is currently thinking of buying late this year and is saving towards that.


So is it viable for my fella to buy 75% of the house my Dad lives in? Would a mortgage company be able to lend on a house that is not going to be 100% in one name?

Also if it was let out and the income and out goings split 75/25 how would the tax work? My Dad is now retired but my fella works.

There is no time pressure on either to buy or sell.

MX5huggy

Who owns the other 75%?

mlz1413

family on my Dad's side

Robert_Sterling_3

Where will you father live?

PasturesNew

It goes beyond the lending of the money.

Think about these scenarios:
- your fella falls out with you and wants to move away
- your fella becomes unemployed and wants to sign on and claim some benefits
- your fella takes up drinking and stops paying the mortgage and the BS want to repossess
- your fella falls out with you and starts taking other birds back to your dad's house for a spot of loud rumpy pumpy
- your dad decides to borrow against the house, so he can go down the racetrack for the 3.30, he loses the lot and has no way to repay the debt and the house is repossessed.

I could invent another 20 - but each one will have occurred to somebody somewhere.

mlz1413

PN that's what I'm trying to ask, if a house is owned 75/25, instead of for example 50/50 or 60/40, can you stop one borrowing all the equity out?

Many couples seem to have deeds of trust for when one has put in more than another so that in the event of a fall out the 'split up' is already agreed so the sale is fair.

Can this type of agreement work for a non related couple who just want to rent out the house?

Living arrangements are sorted, no one will be on the street.