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Dad wants to buy Mum out of her share of the house, solicitor says no!

stanleymog
stanleymog Posts: 47 Forumite
Part of the Furniture 10 Posts Combo Breaker
in Loans
Hi all,

I hope I have this in the right category, if not I am sorry.

I need some advice for my parents, basically they are both pensioners who no longer wish to live together.

My dad wants to remain in the house they own with no mortgage while my mum wants to move out.

My dad wants to buy my mum out of her share of the house but due to his age he cannot get a loan or a mortgage for the amount required and does not have enough savings.

So we have come up with the idea that my dad pays my mum a set amount each month to buy her out off her share of the property which we thought would be simple, but no, as my mum went to see her solicitor to get an agreement written up and he told her it cannot be done and they will have to get divorced (which neither of them want due to their age)!!!

Does anyone have any advice on how we can proceed with this as basically at the end of the day it's a loan between two people!

Thanks in advance.
«1345

Comments

  • StuTheDon
    StuTheDon Posts: 318 Forumite
    Is selling the house, and splitting to proceeds 50/50 an option?
  • stanleymog
    stanleymog Posts: 47 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    StuTheDon wrote: »
    Is selling the house, and splitting to proceeds 50/50 an option?

    Thanks for the reply, It will come to that but my dad wants to stay in the property and my mum is quite happy for this as long as she has some legal binding contract that states he will pay a set amount each month.
  • CH27
    CH27 Posts: 5,531 Forumite
    At the risk of sounding morbid, what would happen if one of them died or had to go into Care? How would that pan out?
    Try to be a rainbow in someone's cloud.
  • stanleymog
    stanleymog Posts: 47 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    CH27 wrote: »
    At the risk of sounding morbid, what would happen if one of them died or had to go into Care? How would that pan out?


    To be honest, we haven't thought that far ahead.
  • CH27
    CH27 Posts: 5,531 Forumite
    stanleymog wrote: »
    To be honest, we haven't thought that far ahead.

    Maybe the whole family could arrange to see a solicitor together & talk through all the options?
    Try to be a rainbow in someone's cloud.
  • stanleymog
    stanleymog Posts: 47 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    CH27 wrote: »
    Maybe the whole family could arrange to see a solicitor together & talk through all the options?

    My sister went with my mum and divorce was the only option the solicitor gave!
  • kazwookie
    kazwookie Posts: 14,154 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Ring another solicitor
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  • WhiteHorse
    WhiteHorse Posts: 2,492 Forumite
    It's more complicated than it seems. Time for another solicitor.
    "Never underestimate the mindless force of a government bureaucracy
    seeking to expand its power, dominion and budget"
    Jay Stanley, American Civil Liberties Union.
  • PNPSUKNET
    PNPSUKNET Posts: 4,265 Forumite
    how can you decide how much he pays, and how he can afford to pay her. Other way is you get a mortgage for him?
  • Emmzi
    Emmzi Posts: 8,658 Forumite
    1,000 Posts Combo Breaker
    put house in mums name with a secured tenancy to him and he pays her rent?
    Debt free 4th April 2007.
    New house. Bigger mortgage. MFWB after I have my buffer cash in place.
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