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Can i buy a percentage of my mums property?
becki_hutch
Posts: 2 Newbie
Hi,
My mum has moved abroad and is wanting to buy over there. she owns the property in the uk 100% so there is no mortgage on it. I was wondering if i can buy a percentage of the property (whatever i can afford!) without her being on a mortgage. so that she can buy somewere abroad but still have some property here. i understand there would have to be legal documents in place if it is possible to do. I have looked into 'tenants in common' but all i seem to be able to find is when people are buying together, where i am wanting to buy part of my mums house off her.
i was just wondering if this is at all possible?
i hope this makes sense TIA x
My mum has moved abroad and is wanting to buy over there. she owns the property in the uk 100% so there is no mortgage on it. I was wondering if i can buy a percentage of the property (whatever i can afford!) without her being on a mortgage. so that she can buy somewere abroad but still have some property here. i understand there would have to be legal documents in place if it is possible to do. I have looked into 'tenants in common' but all i seem to be able to find is when people are buying together, where i am wanting to buy part of my mums house off her.
i was just wondering if this is at all possible?
i hope this makes sense TIA x
0
Comments
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No its not possible to buy a %.0
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Thrug is right, not possible.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
You can buy 100% of the property for a % of the value, although there will be ownership issues with Mum as you would own 100% of the property once completed.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
would there be any way my mum could sign the property over so we both own it then i remortguage to release some money for her?0
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Mum can sell it to you with the difference between the purchase price and the value acting as the deposit.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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