How can I own my dads Home?

Acrobat

My dad has and interest only 80k mortgage on our family home, it is currently not being lived in and undergoing work. He has no time or money to complete the work so he is just paying the mortgage for it to sit there losing him money..... Pointless!
My dad has offered to give it to us so my brother and I would like to take over the house, pay for the renovations and rent it out to get some money back from it.
What would be the best way to do this, can we just put it in our name and take over his mortgage or would we have to buy it off him and apply for a new mortgage.
Please help as this is my 1st time getting into property
All info would be greatly appreciated
Many thanks

~Beanie~

You can't 'take over' someone elses mortgage, you would have buy it from him and apply for your own mortgage.

Guest101

Yep, apply for a mortgage, then sell the house. Just get a good solicitors firm.

You both cant use the same solicitor, but you can use the same firm, so should speed things up

Acrobat

Thank you that's very helpful.
Would it be easier to stick with the same mortgage company as my dad or best to shop around?

Guest101

Shop around, just because he got a good rate (if he did at all) doesnt mean you will. It's just like any other purchase, minus the estate agents

MallyGirl

shop around

zzzLazyDaisy

Just to raise a couple of issues that may or may not be relevant....

It is possible for your Dad to sell you the property for the value of the mortgage (which is what I think I understand from your question?) but if the house is worth more than that, it is a sale at an undervalue. This could cause problems if your father is in debt or is (or likely to be) in receipt of state benefits or needing residential care.

Manchee

Something else to think about, you say you would want to rent the property out, would this be to your father (so he stays in the house)? Because that can cause issues in its self. Also if you want to buy the house to rent out, do you have a property that you own already? From what I hear its pretty impossible to get a buy-to-let mortgage without having your own property first.

hazyjo

You say your dad's not living there, but that it's the family home. Has he moved out elsewhere? Are you living there?

As above, you would need a buy to let mortgage, and would incur all landlord responsibilities.

Why doesn't your dad just sell it as it is?

Jx

Acrobat

Thank you all for the advice it has been very very helpful and I appreciate your time in responding. Think I am going to have to do a lot of research into this, a little trickier than I expected ��
Again thanks a million

Mr_Pitiful

Acrobat wrote: »

it is currently not being lived in and undergoing work.

Is there still a kitchen and bathroom?