We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Joint ownership with family
ftblilly
Posts: 2 Newbie
Hello,
I was wondering if anyone could help me.
A close family member has recently decided to sell her house in around a year or so, she already owns a property and doesn't want the responsibility of owning this property anymore.
I have about 22k saved as a deposit at the moment, but by the time they come to sell it in a year or so, I should have about 35k for a deposit. I currently earn 18k, and my partner earns 20k, so we earn 38k between us.
It is a dream house for us, literally 15 mins walk from work, and has been in the family for 40+ years so I really don't want to let it go without even considering it. We've been told we could buy it for around 230k, us putting in 150kish, and we either buy the rest of the share at a later date, or if we ever decide to sell it, we could just split the sale value at the percentage owned if you see what I mean?
We wouldn't be paying out a mortgage on the full amount, as my family would own the other share, so we could afford the mortgage on our part. All I really wanted to know, is this even an option?
Obviously we want this to be all above board, with both names on the paperwork.
I would be very grateful for any help.
I was wondering if anyone could help me.
A close family member has recently decided to sell her house in around a year or so, she already owns a property and doesn't want the responsibility of owning this property anymore.
I have about 22k saved as a deposit at the moment, but by the time they come to sell it in a year or so, I should have about 35k for a deposit. I currently earn 18k, and my partner earns 20k, so we earn 38k between us.
It is a dream house for us, literally 15 mins walk from work, and has been in the family for 40+ years so I really don't want to let it go without even considering it. We've been told we could buy it for around 230k, us putting in 150kish, and we either buy the rest of the share at a later date, or if we ever decide to sell it, we could just split the sale value at the percentage owned if you see what I mean?
We wouldn't be paying out a mortgage on the full amount, as my family would own the other share, so we could afford the mortgage on our part. All I really wanted to know, is this even an option?
Obviously we want this to be all above board, with both names on the paperwork.
I would be very grateful for any help.
0
Comments
-
You cant sell (or buy) part of a house if theres going to be a mortgage on it.0
-
Hi there
Thanks for your reply.
The house is paid off in full, there is no mortgage on it. I would need to take out a mortgage to buy a share on it.
Would that not be allowed either?0 -
Yes, it is an option. There will be some complication around the mortgage and you need an agreement in place to cover eventualities. Get professional advice.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
-
I can see where you are coming from, but in this case it is misleading, I think.david29dpo wrote: »You cant sell (or buy) part of a house if theres going to be a mortgage on it.
Basically the restriction is that you cannot have a mortgage on a share of a house. Provided the relative is happy for the mortgage to go on the whole house [the complication I mentioned], then this idea can work.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.4K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards