Advice needed please..

Ynot_2

Right here goes,

I have the opportunity to buy my mothers council home for a decent price and there are other family members also who are also interested in doing so.
Now I have thought of splitting the total amount needed to buy the house and add on £10,00 for home improvements etc and asking each family member for this amount but we have hit a stumbling block in that some of them cant get the money needed to do so..I have thought about one of us getting a mortgage and then we all split the payments needed for this but dont want one person responsible for the whole amount incase maybe 1 of us lost out jobs or came into to finacial difficulties etc etc..So was wondering what if any are the alternatives to this? What other legal documents etc would we need to draw up so as it gets divided equally amongst us all etc...If anyone would give some info or if I need to give more than please say so...
Thanks for reading

Ynot

Ynot_2

Anyone????

MortgageMamma

where is your mother going to live when you buy her home?

inch_high

Give us some figures "Ynot"

whats the property value?
how much are you paying for it?


You could borrow more than the asking price to do home improvements and pay for it that way. Eg. If it was worth £100k, and you had a £25k discount, and were paying £75k for it, you could borrow say £95k against the property, but you could only use the extra £20k for home improvents as its a Right To Buy, so dont think of running off to buy a BMW!

cattie

If it's your mother's rtb with her being the tenant, then she will need to be the one applying for the mortgage & will have to have the deeds in her name.

Unless you are joint tenant it won't be possible for you to have the house in your name & if you are putting up the funds for purchase then you need to have a legal document drawn up noting your financial interest in the property.