buying percentage of house from parents

Kynthia

I don't know if Scotland is different but you could become a joint owner of the property. She would need to be on your mortgage too, so make sure you only borrow what you can afford to repay so that you don't put her at risk. Then get a solicitor to put the property as tenants in common (or have a trust deed) with you owning 60% and her owning 40%. That way it's all legal as to the percentages owned, and when you live there are you are an owner your mum won't be a landlord.

noh

Your mother could loan you £120k, or less if you have a deposit, secured on the house. This would in effect be a private mortgage. The agreement would need to be drawn up by a solicitor.
This will only work if your mother is willing and doesn't need the capital now. Also of course you need to be in a position to be able to make the repayments at an agreed interest rate and timescale.
Simply the house is transferred to your ownership a legal loan agreeement is drawn up with a charge on the property you make repayments to your mother over the agreed time period..
If you sell you repay the outstanding amount to your mother. If you fail to pay she has the option of reposession. If she dies within the loan period the outstanding loan is an asset of the estate.

getmore4less

stevrich wrote: »

Thanks for all the replies so far. To clarify, there's most likely no chance of needing care for the next 15 years as she is 'only' 51. I'm thinking she want's me to purchase the house as it's so much easier than having to go through the hassle of doing the place up/getting rid of everything in it etc. The house is in excellent condition and only really needs modernisation decoration wise.

Reading all the responses so far it looks like it could get messy down the line. I don't think I am even happy with under selling me the house as I would feel like I'm doing her out of money should I struggle to pay back the difference. Sadly I think the best thing to do is spend some money doing the place up and selling on the open market.

I'm sure it happens all the time, people wanting to keep a house 'in the family' but sometimes it's just not workable

Steven

Looks feasable to me if you can raise some funds or mum is happy to make the full loan with charge.

fall back if you struggle to pay is sell, so as long as you don't trash the place she gets her money.

where are you living at the moment, whats that costing?

stevrich

I'm currently living in a two bed flat which has been up for sale since Aug last year. I own 80% (shared equity) of flat and current mortgage repayments are £410 per month (£72k 4.75%) Flat has been valued at £95k. Hopefully will get someone to view it and put an offer in soon!