Where do I stand, boyfriend, his dad and sis buying a house

louise_1981

UPDATE: had family meeting, his family are only in it to help us out, gaining from the houses sale eventually

lynzpower

and are they willing to put this in a contract?

What happens when the say sister wants her money to use elsewhere? Is there an end date planned in?

greencat_2

Also - find out what happens in the unfortunate situation the house decreases in value.

bazzzz

louise_1981 wrote:

there is no mortgage at the minute. the house is £100,000 three bedrooms. oh has put down £50,000 with dad and sis £25,000 each (all in cash)

Can they prove this 'cash' is legitimate, taxed, monies? If not, even more reason to steer clear. You would not want to invest in a property which could be seized under the Proceeds of Crime Act 2002.

barnaby-bear

louise_1981 wrote:

UPDATE: gaining from the houses sale eventually

How and when? Does that suit you and partner's mid-long term plans. They won't make a profit selling within 18 months - fees etc. So we are assuming not selling? In 18 months what do you and partner do, and his sister? I can understand them helping out - the dad buying 50% sound perfectly sensible (he has his own home etc) - it's the 25% interest from the sister that just sounds hugely problematic. Have you considered taking on a mortgage for the 25% instead of her - £200 pcm even on a student loan/teacher training sounds do-able .