buying house with parents

dave-derby_2

Hello need a bit of help,

split up with my girlfriend of 10 years and been living together in a 50/50 owened house for 3 years.

i would like to buy the house off my self and my ex, with my parents. so entering a mortgage with my parents. is this possible. they will not be living in the house they alreayd have a house that they 100% own, with my father in full time work. they are happy to do this. but is this possible? are there any legal problems with the above??

kingstreet

First question. Why are you considering buying it with someone else?

What is preventing you taking it on alone?

dave-derby_2

simply cash flow.

they are willing to do this as an investment for the future. im 26 on a good wage but not enough to cover everything at the moment.

and would rather not move back in with them, this has been in my head a few months so still assessing the pros and cons at the min. i am covering all the bills, but asking them to pay 50% of the morgage payments a month. and in 5 or so years when or if i have met someone else or a wage rise, i will buy it of us for just my self or with someone else.

hazyjo

What happens if/when you meet someone... have kids, maybe? Would your parents be okay with that, and what if half ends up going to your future wife if you split up? Not sure where you'd stand on that - might be that if you own a third or half, only half of that would go to a future ex. But if you don't have that sort of money, would you have to sell up? Just throwing some 'what ifs' out there...

Do both your parents work? How many years 'til the oldest is 65? (Just thinking mortgage terms.)

What about maintenance? What if the roof needed replacing, would your parents contribute? Surely they should make some sort of contribution, but then, in theory, you should be paying them rent if say anyone else moved in. LOTS to consider, and best speaking with a solicitor about pitfalls.

Jx

Yorkie1

I'm not sure whether a lender will lend where 2 out of the 3 people on the mortgage do not live there, and 1 does.

Hopefully others will be along to answer this particular point.