buying out siblings shares & mortages?

essexmjj

In a shared family home between siblings is it possible to obtain a mortgage to buy out a share of say 2 siblings?

at this stage as a family we were not looking to sell up.. however if a few of them needed money is it theoretically possible for me to even obtain a mortgage to buy their respective shares?

we have discussed this and 2 may be willing to, however i am unsure if this is even viable? any similar experience or answers out there appreciated

m

Annisele

I see from your other thread that you are "one of six owners", but that "eldest is only one on the deeds at present for tax reasons etc etc".

In principle the names on the deeds have to match the names on the mortgage - so if you're not named on the deeds at all, then no you can't get a mortgage on the property.

getmore4less

Third time same question.

Why has eldest got the property when it should be equal shares.

Interetsed why this was considered sensible given they have other property(potential tax liabilities) Is there a trust or something set up?

With your cuurent setup buying out 2 of 6 with a mortgage is unlikely to be practical without creating a 4way financial link

If you are resident caretaker(rent free) then I think (based on very limited information) that you carry on like that and the 4 left raise cash to buy out the other 2.

So on a £240k with 6 thats £40k each, you need to raise 80k between 4 that £20k each to buy 2 out, unsecured lending may be te way to go

datostar

I think that the Land Registry will only allow a maximum of 4 'tenants in common' on the title registration. I think I'd be seeking legal advice on this one.

essexmjj

I realise its 3rd time but i wanted to re-post to try and avoid any past confusions etc.
So if my name is one of names on the deeds then a mortgage would be a possibility then?
we all own equal shares....its just a outdated legal thing from the time not tax related that needs changing regarding the deeds names, the eldest is not sole owner.
us 4 clubbing together to buy out the 2 could be a better option for the longrun... i will chat with others to try and come to best possible outcome for us all.
Thank you this is all a bit of a minefield and not as straightforward as normal buying.....apologies for any confusions!

m

Annisele

datostar wrote: »

I think that the Land Registry will only allow a maximum of 4 'tenants in common' on the title registration. I think I'd be seeking legal advice on this one.

Thanks - I thought that too, but then I couldn't find a link so wondered if I'd made it up.

OP - it might help if you told us what this "outdated legal thing" was.

essexmjj

thanks,

I will try and find out about 4 owners issue. Either way next step will be family meeting and legal advice...the issue around the deeds really not sure as to the whys and wherefores was very young at time it all happened.....but safe to say we are all equal share owners.