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Can I buy my partner's house?
Tuono
Posts: 24 Forumite
Here's a poser for y'all. I've got plenty of equity in my house that I was looking to release to buy another property to let. My partner of 3 years also owns a house and she lives with me. Her house is in need of some repair but she hasnt the equity or funds to do the work (approx £5k) or the funds to re-mortgage for a buy to let mortgage (25% needed). We've decided it'd be a good move financially, for me to buy HER property so instead of it staying empty (her son has now moved out into his own home) we can rent it. Question is. If we live at the same address, can I legally buy her property?
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Comments
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Why not? Anyone can buy any property for any price agreed (provided it's enough for her to pay off her mortgage of course).
And so long as you know what implications there are in becoming a LL, and can afford to do up the property as necessary.0 -
Cheers I'd got a feeling it'd be ok but wasn't sure. I've been a landlord before and yeah it can have its ups and downs, but I'd do it again. If I'm going to do it, the time's right with the housing market being a bit poo. Her house is in a rentable area and should land us £550 pcm.0
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