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Parents
emma.n_2
Posts: 3 Newbie
We have been offered the option of selling up and house sharing as a family. My parents have suggested to allow us to become mortagage free they could extend their home for us to share. If we do this and invest our money in their property is it safe with a Joint ownership if my parents have to go into care or would we still have to sell off the property for fees?
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Comments
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A solicitor should be able to draw up the appropriate paperwork.
I would be more concerned about the living with parents, both of your day to day expectations and an exit plan if it doesn't work out.0 -
Thank you, I know there are a few practicalities to iron out, but we need to do something as we are not coping financially at the moment, if we sell I am not sure we could get another mortgage as I am on payment plans. Just need to get a life back really0
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Thank you, I know there are a few practicalities to iron out, but we need to do something as we are not coping financially at the moment, if we sell I am not sure we could get another mortgage as I am on payment plans. Just need to get a life back really
You have payment plans with people but aren't coping?
Would a DMP through a free company be better for you perhaps?Our LBM: Dec 2011. DMP started: Jan 2012. Debt at LBM: £41,568
Oct 2012 = Current debt: £40,548.93
Oct 2013 = Current debt: £39.054.70
DMP Support number 424 - Long haul number 3080 -
I thought if someone was living in the property they couldnt force a sale to pay for fees....*The RK and FF fan club* #Family*Don’t Be Bitter- Glitter!* #LotsOfLove ‘Darling you’re my blood, you have my heartbeat’ Dad 20.02.200
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I thought if someone was living in the property they couldnt force a sale to pay for fees....
I don;t think it's quite as simple as that any more
Our LBM: Dec 2011. DMP started: Jan 2012. Debt at LBM: £41,568
Oct 2012 = Current debt: £40,548.93
Oct 2013 = Current debt: £39.054.70
DMP Support number 424 - Long haul number 3080 -
I thought if someone was living in the property they couldnt force a sale to pay for fees....BlushingRose wrote: »I don;t think it's quite as simple as that any more
I'm afraid BR is right - don't know the in's & out's but it's not necessarily straightforward and I would suggest a solicitors advice is essential.
Also, (and I hate to bring this up but......) something also needs to be drawn up in case someone passes away.....Grocery Challenge £211/£455 (01/01-31/03)
2016 Sell: £125/£250
£1,000 Emergency Fund Challenge #78 £3.96 / £1,000Vet Fund: £410.93 / £1,000
Debt free & determined to stay that way!0 -
I have been told that a tennancy in commonis the way to go as they can not force a sale. Getting legal advice though, thanks for everyones help. As for DMP I am just at the stage where I want out of the system all together. I have had mortgages of various amounts and terms never defaulted over 28 years and I was told by the 12 year old on the end of the phone if I paid off my current mortgage buying selling the property the would not re-lend. Risk averse they are0
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