We want to buy house off parents that have split, but we cant scrape enoug together,

Feisty_Fairy

Hi all, well the title says it all really,

we live in a village that i wouldnt want to leave unless we emigrate and we have a 3 bed semi, things are a little tight spacewise and we could do with another room!

To cut it short my Mum n Dad who have a house round the corner have split and are both livin seperately (elsewhere!) so the house is sat empy, they have just put it on the market and we want to buy it, problem is we cant get enough of a mortgage to buy it, the house is £175,000 and we have our house which would prob sell for £140,00 ish, meaning we would have about £20,000 to put down as a deposit but we can only get a mortgage for around £100,00 because i have had to reduce my hours.

They want to sell it so they can split and have their half so to speak, we have racked our brains and really dont want it to be bought by someone else, i have a feeling Mum n Dad would accept £160,000 if we asked them but its just getting it together, any ideas anyone???

Thanks in advance,

Feisty! xxx

PasturesNew

If neither of them want to live in it now, have you thought that it might bring back memories neither of them wish to revisit... so if you're living there it might make things awkward for them.

If it was such a great house, one of them would be at least staying there now and holding on to the last minute.

Feisty_Fairy

PasturesNew wrote: »

If neither of them want to live in it now, have you thought that it might bring back memories neither of them wish to revisit... so if you're living there it might make things awkward for them.

If it was such a great house, one of them would be at least staying there now and holding on to the last minute.

Hi there, they have said they would love for us to have the house as its perfect for our family but they cant drop it enough, they did hold out to keep it, but they cant afford to buy eachother out, due to age and finances, one lives over 120 miles away now and so its just sat wasting away!

Feisty_Fairy

anyone any ideas then?
xxxxx

silvercar

House swap? Do either of them want your house?

What size mortgage do you have?

Paul_the_Painter

Do they have any flexibility with regard to payment dates? Could you buy the house for a lower number, and pay the rest in 1/2/3/5 years time?

I suppose the question is do they want to sell the house so they can complete their divorce, or do they need to sell the house in order to buy their own new places?

If they can do without the cash right now, I would suggest a legally binding loan agreement - divorce can be messy

Foggster

I am not sure what you want us to say.

If you can only get a mortgage for £100k and only have £20k in equity then you cant buy a house of £121k let alone £160k.

Are you an only child? Have they talked about letting you have some money from the sale of the property or are they going to take their cut and buy somewhere else?

I cant think of any solution other than them renting it to you until you can afford to buy them out. Or for them to let you have it for £120k.

Feisty_Fairy

silvercar wrote: »

House swap? Do either of them want your house?

What size mortgage do you have?

They dont wish to do a house swap, we have asked them.
We would sell our house, our mortgage is 105,000.

Feisty_Fairy

Paul_the_Painter wrote: »

Do they have any flexibility with regard to payment dates? Could you buy the house for a lower number, and pay the rest in 1/2/3/5 years time?

I suppose the question is do they want to sell the house so they can complete their divorce, or do they need to sell the house in order to buy their own new places?

If they can do without the cash right now, I would suggest a legally binding loan agreement - divorce can be messy

Well i think My Dad wants to buy a new place with his new partner, because of his age he couldnt get much of a mortgage, so i thik he wants to put his money in and his new partner have a mortgage for the other half. My mum just wants what is hers, she is happy in her council flat close to family.

Feisty_Fairy

Foggster wrote: »

I am not sure what you want us to say.

If you can only get a mortgage for £100k and only have £20k in equity then you cant buy a house of £121k let alone £160k.

Are you an only child? Have they talked about letting you have some money from the sale of the property or are they going to take their cut and buy somewhere else?

I cant think of any solution other than them renting it to you until you can afford to buy them out. Or for them to let you have it for £120k.

Hi, no i am not an only child, i have a brother but myMum has fallen out with him so she said he will get nothing! My dad obviously would do equal amounts should it come to it, we have 2 children and they would both want the kds to have something too.

ILW

Sorry, but from what you have said it appears you just cannot afford a £160,000 house, whoever is selling it.