buy a farm with the inlaws/ mortgage advice

clairelindy

we are thinking about buy a farm with the inlaws we both have houses for sale how would a mortgage work do we get a joint mortgage ?

Thrugelmir

Is the plan for the farm itself to generate income to fund the repayment of the mortgage?

clairelindy

Thrugelmir wrote: »

Is the plan for the farm itself to generate income to fund the repayment of the mortgage?

we wont be farming we are using the farm as a base for the lorry firm my inlaws own and my husband runs, so yes it will be working to pay the mortgage, I will also be moving my business there aswell , we will be selling a few acres as we don't need all them but the out building and house are perfect

Brooker_Dave

Plenty of space to bury them when you all fall out...

clairelindy

Brooker_Dave wrote: »

Plenty of space to bury them when you all fall out...

haha fingers crossed it wont come to that we will live in the house and they will live in the log cabin 2 aches away

Thrugelmir

clairelindy wrote: »

we wont be farming we are using the farm as a base for the lorry firm my inlaws own and my husband runs, so yes it will be working to pay the mortgage, I will also be moving my business there aswell , we will be selling a few acres as we don't need all them but the out building and house are perfect

Sounds like you need advice as to best way of structuring the purchase. As is stands in outline there's issues that need clear definition .

clairelindy

Thrugelmir wrote: »

Sounds like you need advice as to best way of structuring the purchase. As is stands in outline there's issues that need clear definition .

I will ring my mortgage people Monday but we aren not sure how it works the place is perfect for us both and there is no way we could afford it on our own

Funny_old_game

For one it's not a purely residential mortgage, it's semi commercial. Get a pro involved :-P

PasturesNew

There'd most likely be some form of change of use planning permission involved, going from actual farming/using it to run tractors/wagons from ... and running a lorry business.

House might have an agricultural tie on it too.

You need to investigate these terms and check.

Funny_old_game

Your right, this ain't a straightforward purchase, its riddled with expense and ongoing sleepless nights.

Possibly a moon on a stick idea.

clairelindy

PasturesNew wrote: »

There'd most likely be some form of change of use planning permission involved, going from actual farming/using it to run tractors/wagons from ... and running a lorry business.

House might have an agricultural tie on it too.

You need to investigate these terms and check.

it alreadys runs lorrys on the one part of the farm so no problems there we alos had this check and if we keep the lorrys on the one par tits fine no problem , no agricultural ties on house only claws is claw back claws if we get planning for houses on one field the old owners get a percentage from the sell.