Could I/Should I buy a house with my Dad?

mrsnobody

Hello
Just looking for some advice on a possible scenario. My Mum has recently passed away and I am worried about my Dad who is 78 living on his own as he gets older. I live with my partner but I am unhappy in the relationship and would like to leave - unfortunately I cannot afford to buy a house on my own for me and my children. An ideal solution would seem to be to pool resources with Dad to buy somewhere for all of us. My Dad owns his property outright, worth around £400k. I have around £100k equity in current house plus I would look to take a mortgage (I earn around £23k). Would this be do-able? Would a lender accept this set-up, and what sort of mortgage would I be able to raise? Also, how could we set up the ownership to reflect the unequal contributions to the property?
Any input gratefully received

Thrugelmir

Pay your father rent.

dimbo61

Buying a house over £250K costs alot of money!
Would you and you dad get along if you lived together ? how about the kids ? Its different seeing them for a couple of hours a week than loving 24/7 with young kids!
What about your OH think he will be happy to sell his home and give you all the equity and say goodbye to his kids!
Dad wont be able to get a mortgage unless he has a great pension.
what happens when Dad passes away! have you got sisters/brothers
Has Dad made a will ? What condition is the house in ?
So many questions

mrsnobody

Thanks for the replies.
Dimbo 61 -yes, I think we could all get along - we would look for a house which would enable us to have our own areas (ie possibly with an annexe or similar). Dad has a great relationship with my kids - they are 16 and 13, not toddlers. He has already suggested that we could go and live with him in his current house, but it is not really big enough for us all. My £100k equity is just my share - OH would also have the same amount and they are my kids, he is not their Dad, he would probably be only too glad to say goodbye to them . I was proposing that the mortgage was in my name only and obviously would wish to take account of what will happen in the future - when Dad passes on, myself and my sister will inherit his estate in equal shares as per his current will. Both his and my house are in excellent condition.

dimbo61

First step would be to have a chat with a solictor re split from your OH and then put the house on the market while you are both living there !
Once sold then you could stay with your Dad for a while.
Your Dad is 78 and I hope he has a long and happy retirement BUT what happens when he does pass away or needs to go into a care home! would your sister be happy with you living in a £500K property while she still has a mortgage and owns 40% ( £200K) of the property that you live in

mrsnobody

I haven't discussed this with my sister yet as I'm only in the early stages of thinking about it, but I would imagine that when Dad passes away, the house would be sold so that we can both receive our share of Dad's estate. I should at that point be able to afford a house for me and the children on my own (which I can't at the moment). I'm not sure what would happen if he needed to go into care - I guess we would have to take legal advice regarding that as I don't know if the house would have to be sold to fund it. One of the reasons for doing this joint purchase would be so that I could be on hand to care for him if needed and hopefully avoid the need for him to go into a home.