Two families - shared house ownership - what to do?

torro_2

Guys I need some advice from you experts

Situation:
Me and my dad co-own a property in London.
Me - 36 and on circa £55K. Not much savings...maybe £10K.
My dad 67 and drives a cab.
We both live there. About £55K left on mortgage. Value around £550K.
I live with my wife, two children,my dad, mum and disabled brother.
Its a fairly big extended house so no issue regards to living/bedrooms.

However, I want to move out with my wife and kids as we need our space. But I don't want to lose my financial share on the house long term. As my kids get older, space will be at a premium. Dad/mum won't move unless I guess there is some incentive for them to make a change at their age. Too many people always causing niggly little fights.

I was thinking maybe two options really:
1. Someone suggested I give my dad the house and use my name as a guarantor against the mortgage given his age. Also then get a trust deed signed so I retain my share in the property in the event of death of parent (so morbid ) Then get my self on the help to buy scheme to get my own house.

2. Convert existing house mortgage to buy-to-let on my name - my disabled brother to rent from me and can make use of disabled /house benefit to pay any rent. I then use equity to buy house on residential mortgage.

I guess these are two far fetched ideas people have given me. Any thoughts? Anyone experienced similar? I want my space but don't want to leave them in the lurch either

amnblog

It does not sound like either plan 1 or 2 will work.


How much do you need to spend on the property for your family?

torro_2

So I haven't really thought about it but ideally leave £200k on the current property and the rest of the equity on another house.

It's not going to happen isnt it?

torro_2

Just bumping this up in case anyone is able to help or advise.

Cheers.