large deposit FTB

thewinkshow

hi,as some may have

herbiesjp

Getting the mortgage, and the better rates out there will not be a problem by the look of it.

It all boils down to spending your cash on your house/bills as opposed to booze.

If you have the will power to do that, then it looks feasible

HTH

thewinkshow

thanks alot for the advice,appreciated

mountainofdebt

Just in case you are still wondering about buying with your mates, there's a thread on the house selling forum I think which highlights the problems that you may face if you go ahead.

A_Nice_Englishman

Who is going to own the house?

If 50/50 with Dad I think there will a CGT liability when you sell as it will not have been his main residence.

If he's making an outright gift of the deposit to you, what happens if you get married, then divorced and your ex- wants 50%?

What if you fall out with Dad and he wants his money back? Horrid thing to think about but it does happen.

I would get advice from your solicitor and accountant about drawing up a legal agreement so everyone knows where they stand and any tax liability is minimised.

thewinkshow

myself only in the house.yeah my dad will be paying his half upfront in cash,that i will use as a deposit.i have no intention of getting married or even a serious relationship for that matter,not for at least another 7 to 8 years,enjoy playing the field.i cant see me and dad falling out,never have previously whilst living under the same roof,so can see why i would when i get my own place and seeing far less off him.if for some reason he wanted his money back,id obviously have to sell up and give his his money and move back home,which if happened i cant see it being a problem,it would have to be a real obsurce thing for him to want the money back,as he has a 250k house owes around 80k,has a 300k business building owes 70k,has a other house worth 120k owes 60k,has a holiday home worth 150k,not sure what he owes on this.like he said he has 40 to 50k he doesnt know what to do with,so he asked me did i fancy him investing with me.

he knows what he is doing about all this,when he talks about the legal ins and outs of all this,he isnt just giveing his opinion and advice,he talks from expericence,he considers it a good idea so im inclinded to beleive him.

what im bothered about is me being able to financially support myself,what kind off bills can i expect?
in a 2/3 bed semi,whats the gas elec water council tax e.c.t likely to add up to.this is where my concern is regarding doind this plan,not the legal side off things as my dad will be sorting this out,and i have faith in his judement based on his numerous successes with other investments.

thanks again