buying home with family

PasturesNew

Beckyy wrote: »

Why not have a look for a suitable house for your Nan in your area, which is close enough for you to get to quickly?

I would say that pooled resources enable you to get 3x the house... however the OP doesn't seem to have resources to pool. If both houses were mortgage free it'd be a no brainer, I think the 'risk' is the OP's ability to service/settle the mortgage they'd be taking on, while tying themselves to that one place for the nan's benefit.

Tricky call.

BitterAndTwisted

You've got nothing to bring to the table except a chunk of negative equity. What are you going to pay this off with in order to enter into another mortgage with someone else's money as a huge deposit? Who will then own this new property?

It seems to me that at the moment you have everything to gain and the granny very little. Except to share her home with people who can't fend for themselves without parasiting off someone else.

Harsh? Probably

jt2k6

BitterAndTwisted wrote: »

Harsh? Probably

JUST A BIT, but i asked for advice / opinions, and that is what I have recieved,

negative equity is not something I can do much about, bad choices / poor direction, bad market didn't help there.

can hapilly pay my mortgage, so am not looking to "parasite" of anyone. this was a proposal put forward by her and she has spoken to her solicitors about them, and they seem to have no concerns.

everyone is of sound mind, and looking for a solution that apeals to all. just wanted to get a few peoples opinions, granted on here maybe wasn't the best place, with out being able to get all the facts down.

BitterAndTwisted

You can afford your mortgage payments now but where are you going to magic the money from in order to sell the property?

jt2k6

Not sure I understand, and that is the basic problem, I don't know what is and isn't possible. IF I could sell the house for it's asking price I would be around 3K up on the deal, (apart from the unsecured, but AFAIK, that is a unsecured loan and will just be paid back as such, all be it at a higher rate than it currently is.

OR

Can I sell my property and rather than pay off the mortgage transfer it to the new property, or extend it. then nan could sell hers and keep the money.,

I just want advice, not to be judged by people who don't really know the full facts, if you want to know something ask, don't just assume.

Thanks

Emmzi

negative equity + defaults + live CCJ + secured welcome loan = sub prime market = much too expensive + 10k solicitor/ estate agent/ stamp duty etc to pay.

Look for a flat that nan can live in nearby. Plus has she actually thought through the practical and emotional upheaval at her age?

PasturesNew

jt2k6 wrote: »

... everyone is of sound mind....

If asked, about 3 weeks ago, I'd have thought everybody in my household fitted that description really .... now ask me...