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Problems buying out a family member..
Mr_Fix_It
Posts: 20 Forumite
Afternoon all,
can anyone help at all....
i currently have a mortgaged property but am looking to sell and buy a 50% share of a mortgage free property off a family member who wants to relocate.
bascially - the house is paid for, owned by my auntie and father equally split 50-50. my auntie wants to relocate, but my father doesnt want to sell due to sentimental reasons, so i need to 'buy out' my auntie of her 50% share which amounts to around 90k.
question is, is this something i can do through getting a mortgage if i were to sell my property? would this be something a mortgage lender would entertain as i would have 50% share and my father the other 50% share.
or is there another way of doing it? im waiting on a call back from a IFA to sit down and go through in detail, but any help at this early stage would be much appreciated.
thanks,
can anyone help at all....
i currently have a mortgaged property but am looking to sell and buy a 50% share of a mortgage free property off a family member who wants to relocate.
bascially - the house is paid for, owned by my auntie and father equally split 50-50. my auntie wants to relocate, but my father doesnt want to sell due to sentimental reasons, so i need to 'buy out' my auntie of her 50% share which amounts to around 90k.
question is, is this something i can do through getting a mortgage if i were to sell my property? would this be something a mortgage lender would entertain as i would have 50% share and my father the other 50% share.
or is there another way of doing it? im waiting on a call back from a IFA to sit down and go through in detail, but any help at this early stage would be much appreciated.
thanks,
0
Comments
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unless you have enough money after selling your existing home then you and your father will need to get a joint mortgage to buy out your auntie subject to the usual criteria0
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