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Complex mortgage and wills question!
Lm24601
Posts: 1 Newbie
I was wondering if anyone might have some helpful pointers to something I'm considering. Slightly long story, sorry!
My father lives in my nan's house. When she died the will said that my father could stay in the house, but ultimately the proceeds would be split between him and his siblings.
Quite a few years ago we discussed him buying out the siblings so that he owned the place, but he didn't feel in a position to do it and neither was I.
However, recently I've been thinking about this again, specifically that my brother and I could buy them out and share ownership of the house. Does anyone know how we might be able to do this! I have a mortgage but my brother doesn't. I guess I have three questions. How would we go about buying out the others? Could this be done as a mortgage or would it have to be a loan?And then how do we deal with changing ownership of the house?
Thanks in advance!
My father lives in my nan's house. When she died the will said that my father could stay in the house, but ultimately the proceeds would be split between him and his siblings.
Quite a few years ago we discussed him buying out the siblings so that he owned the place, but he didn't feel in a position to do it and neither was I.
However, recently I've been thinking about this again, specifically that my brother and I could buy them out and share ownership of the house. Does anyone know how we might be able to do this! I have a mortgage but my brother doesn't. I guess I have three questions. How would we go about buying out the others? Could this be done as a mortgage or would it have to be a loan?And then how do we deal with changing ownership of the house?
Thanks in advance!
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