Buying a shared family home?

essexmjj

sorry for confusion....no deed change didnt happen officially...the situation is:
1: eldest is only one on the deeds at present for tax reasons etc etc....however we are all part owners divided up between 6 we are all agreed on this.
2: I am looking at buying a few of them out those few if any that require money now -...ie lets assume that comes to 80k
3: so practically how do i go about getting this mortgage....if indeed i can?

jonesMUFCforever

This sounds more and more dodgy to me.

Annisele

The whole thing sounds as though it might store up problems in future. What happens if house prices fall, and your siblings then say that the house should have been sold now?

Is your eldest sibling the executor of the estate (that would explain only one name on the deeds)? If that's the case, the executor has duties to all of the beneficiaries, and delaying a sale because only some of the beneficiaries wanted to sell would cause problems. (I have some vague recollection of only being able to register land in four names, but I might have made that up).

Are you paying rent to your other five siblings? Over time, if you're living there rent free and they're not seeing any benefit from their part ownership of the property it might cause ructions.

Apples2

essexmjj wrote: »

1: eldest is only one on the deeds at present for tax reasons etc etc....however we are all part owners divided up between 6 we are all agreed on this.

Eh!????

So the house is the eldest siblings and his alone?

If he changes his mind he simply keeps the house as it is in his sole name in any case. Your agreement is nothing more than another family fallout crises going on up and down the Country right now.

If he is using it for a Tax scam, isn't he unlikely to give it up for the few quid you can scrape together and divvy up???

This whole thing has disaster written all over it.

Have you all actually discussed this openly??