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Our options? It's complicated...
Caseyface
Posts: 313 Forumite
As above
My Fiance's Father sadly died of Cancer over 2 years ago, my Fiance is an only child and his Father's Wife (Widow) is his step mother. My Fiance has never lived with his Father but they had a good relationship and his Father left half the house he owned with his Wife to my Fiance (It's signed over to him, we have seen the papers)
Ok, so the house is worth a fair bit of money, probably in the £250'000 region. We are first time buyers and have absolutely zero deposit. I work full time, my Fiance was made redundant over a year ago and still has not found work:eek: We both do not want to oust his Step mother out of the house (they unofficially agreed that she could continue living in the house untill she died (sorry for bluntly putting that), yet if she does not have any illnesses etc, we are looking at least another 20 years or more. or until she wanted to sell it herself. It's quite a big house for one person but i don't think she has plans to move out.
So my questions are: Can she buy him out? Can he ask her to buy him out? Can we buy her out? Can we get a mortgage secured for another property based on his half of the property he owns in his Father's house? Are there any other options?
Thanks for any help.
My Fiance's Father sadly died of Cancer over 2 years ago, my Fiance is an only child and his Father's Wife (Widow) is his step mother. My Fiance has never lived with his Father but they had a good relationship and his Father left half the house he owned with his Wife to my Fiance (It's signed over to him, we have seen the papers)
Ok, so the house is worth a fair bit of money, probably in the £250'000 region. We are first time buyers and have absolutely zero deposit. I work full time, my Fiance was made redundant over a year ago and still has not found work:eek: We both do not want to oust his Step mother out of the house (they unofficially agreed that she could continue living in the house untill she died (sorry for bluntly putting that), yet if she does not have any illnesses etc, we are looking at least another 20 years or more. or until she wanted to sell it herself. It's quite a big house for one person but i don't think she has plans to move out.
So my questions are: Can she buy him out? Can he ask her to buy him out? Can we buy her out? Can we get a mortgage secured for another property based on his half of the property he owns in his Father's house? Are there any other options?
Thanks for any help.
0
Comments
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this will depend on the legal pohrasing of the ownership of the joint title to the property, and the Will - you need to take as many legal docs as you have to a solicitor to seek their advice... many sols have a free surgery where you can get half an hour free advice0
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