Parents Property

gary_pacha

Evening,

I apologies if this has been covered else where, I did search for it.

I'll set the scene first, and hopefully someone can advise me. Thanks in advance.

I'm looking to purchase my parents house. The purchase is to free up money for them to refurbish my gran parents house (both past away), for my parents to move into.

Parents house value is circa 190k to 200k

They owe 28k, Refurbishment circa 72k, all in all 100k. Id like to purchase for said amount 100k.

My predicament is, would i have to buy on a buy to let as i already have a mortgage, or could i buy as a second home.

Would my parents be able to stay in property and effectively pay rent to me to cover the mortgage payments.

long term goal - once granparents house is finished parents move in mortgage free and i rent out parents house (my house) until such time as i move in or sell. or alternatively i move in to new house and rent my apartment out.

Id greatly appreciate some help, thank you for your time

g

kingstreet

You could buy it as a second home, if your income shows both mortgages as affordable.

Them remaining in the property after "gifting" equity to you is a non-starter.

You would then require consent to let for second property which will also be difficult.

getmore4less

Why not pu up the full picture for option rather than a predetermined one that might not be feasible best.

what's the full picture

All property values and owners
are they liveable.
refurb costs
values after refurb
all debts
incomes
Date of death of grandparents(if under two years there may be DOV options)
Objective(which was covered reasonably well)

gary_pacha

what you mean by put up the full picture.

All property values and owners - Owners of both properties are my parents
are they liveable. parents home is liveable - house to refurb is not
refurb costs - circa 75k
values after refurb - 300k due to location
all debts - 28k mortgage
incomes 28k per year
Date of death of grandparents(if under two years there may be DOV options) - 10 years ago
Objective(which was covered reasonably well) - to free up money, to enable parents to refurb one house. long term, sell one of them.

is that enough info, anymore needed let me know,

kind reagrds