Buying into a property

skiba1986

I currently live in a house rented from my partners parents.

They put the deposit down and my partner and I pay half of the mortgage each to her parents as rent.

I am looking to buy half of the house from them so the house is joint owned.

I have half of the original deposit (The house value has not changed) and was wondering what the best way to do this would be?

Any suggestions? :beer:cheers

hazyjo

I think I must be having a blonde day - that or the hangover lol. Nowt's making much sense to me today!

So, is this right, you're renting off them at present, and they don't live in the house? So you pay them rent? Why the mention of paying half their mortgage? Confused with that. Surely the last thing they should do is claim you're paying towards their mortgage...

I suppose the obvious question is why do you want to own half a house with them? You really want a joint mortage with your partner's parents? And, probably as importantly, why would they want you to half-own it? Do they have any financial problems?

What do you mean you have half the original deposit? You mean you have an amount in savings which is half of what they put down when they bought the house?

So many 'what ifs' I wouldn't know where to start - and I can't think of a more hellish situation if things go bottom up!

Jx

skiba1986

hazyjo wrote: »

I think I must be having a blonde day - that or the hangover lol. Nowt's making much sense to me today!

So, is this right, you're renting off them at present, and they don't live in the house? So you pay them rent? Why the mention of paying half their mortgage? Confused with that. Surely the last thing they should do is claim you're paying towards their mortgage...

Indeed they do not live there! Our rent covers the mortgage, there is not official link, we pay them.

I suppose the obvious question is why do you want to own half a house with them? You really want a joint mortage with your partner's parents? And, probably as importantly, why would they want you to half-own it? Do they have any financial problems?

I would like to half own it with them as in effect they it would be my partners as essentially they will at some point give ownership to her.
The y would prefer the cash injection of half the deposit money back I expect although there is no pressure for this.

What do you mean you have half the original deposit? You mean you have an amount in savings which is half of what they put down when they bought the house?

Yes

So many 'what ifs' I wouldn't know where to start - and I can't think of a more hellish situation if things go bottom up!

In effect it would be the same end game as having a join ownership with my partner.

all I am interest in is the logistics of doing this, new mortgage, solicitors, etc etc etc. I ams imply not sure of options available in this situation

Jx

my reply is embedded above!

kingstreet

You'll be taking out a mortgage jointly with your future inlaws. Do you understand joint and several liability?

This means you'll own half the property but you'll be responsible for all the mortgage if they don't pay?

What happens if you and your partner split up?

hazyjo

What if you split up with your partner?

Why would she be given ownership? Do you mean it will be her 'inheritance' after her parents have passed away? If you did part own it with her parents and you both split up, can you even begin to imagine the mess? Let alone the fight for her 'inheritance' back! What if you lost your job and had to sell/got into debt? That could affect their credit rating if you have a joint mortgage. Or they could find themselves responsible for your debt. Same situation if reversed. What if your partner were to die? Does your partner have any siblings?

Most people on here would say yep, buy with a partner but don't buy with family of any kind! Okay, some do, and it can work out - but it is definitely not the same as buying with a partner/spouse!

Jx

G_M

As others have implied - totally mad!

First - you'd need a joint mortgage and lenders might be wary.
Second - a joint mortgage is a bigger commitment than a marriage. You've not even commited by marrying your partner, let alone marrying the parents!
Third - it would be a nightmare if the arrangement fell apart. You lost your job or got sick. They lost their jobs. You and partner split up. Partner and parents fell out. Parents grew old and went into care. You decided you needed bigger home for the twins and wanted to sell. Parents decided they wanted to move back in. A major expense arose (new roof?) - who pays? There are 1001 potential problems and you'd need to a) predict them all and b) agree what would happen in each circumstance - and even then there'd be another unexpected problem that would arise.

As an aside - I assume that both you and your landlords (yes - they are landlords) are aware of all relevant obligations - see here FYI.

There are j

skiba1986

wow, seems like you guys are pretty pessimistic but taken on the chin. In that case it would make more sense for them to give there half to my gf and me buy the other half.

Peater

Why would/should they?

From what i have digested:

You are renting the property. The LL is using the rent payments to supplement thier mortgage payments - which is none of you're business.

You are sat thier thinking 'This is daft, i am just throwing money away. I want my name put on the mortgage so that i am investing rather than spending'. - That's fair enough, that's what most people aspire to.

It seems like you are saying you want half the house and you have half a deposit?

It could work theoretically, but why on earth would you want to?? As has been said above, it seems like a mad arrangement to willingly enter.