new to forum-buying home with parents?

steve07866

We are looking to sell our home, then our parents to sell their home when my father retires(their house is currently rented out as they live in accomodation with my fathers job) we would like to then put all the money together to but a house with an annexe or build one, for our parents. we arent sure of the best way to go about this and will,nearer the time seek legal advice, but for now wanted an idea about it. Should our parents give the money to us to then use as a deposit to get a small mortgage.
We would like to do this to planfor their future so if necessary I will help look after them and for them to be close to the grandchildren. Their house is currently worth around 180k and my father has a lump sum of around £50k which we could use to maybe build and annexe.
and advice will be gratefully recieved

BitterAndTwisted

Your parents would be fools to give you any money without getting a share of ownership of the property in return.

Then you all need to decide whether the property will be owned as joint-tenants or tenants-in-common. For older people, who could risk losing a partner sooner rather than later, owning as tenants-in-common may not give the outcome that the other parties would hope for.

There's a thread on here started by Greenman who found themselves in a similar circumstance with aged rellies moving into a home they already owned and it didn't take long for the relationship to falter and all kinds of !!!!!! to hit the fan. You need to factor in all possibilities adn reach a mutual agreement about how they will be resolved, no matter how remote they appear to be now.

InMyDreams

BitterAndTwisted wrote: »

There's a thread on here started by Greenman who found themselves in a similar circumstance with aged rellies moving into a home they already owned and it didn't take long for the relationship to falter and all kinds of !!!!!! to hit the fan. You need to factor in all possibilities adn reach a mutual agreement about how they will be resolved, no matter how remote they appear to be now.

I've searched for this thread as we are also considering buying a place together with my parents to live in together. It appears to have been pulled for legal reasons though. https://forums.moneysavingexpert.com/discussion/3820335 (to save anyone else searching)