Advice Please. Want to buy house from Mum but can't afford London prices.

Andypandyboy

I can't see a way forward here that won't alienate your siblings.

I assume that your sister made choices whch allowed here to buy and now be mortgage free, but that doesn't mean she should have to have a drip fed inheritance when the time comes. Obviously, she could do more with a lump sum than a monthly income. As for your brother, again he has chosen to live at home, and your mother has not taken rent from him, presumably if you and your sister had made the same chocies she would have done the same for you. You chose differently, but that doesn't mean that they should have to put your choices before their own.

The house/houses need to be split 4 ways, if you can't buy them out then your only choice is to take the money and buy where you can afford.

KRB2725

tryinhard wrote: »

@emmatthews I previously thought about this, but don't feel comfortable putting my mum in that situation.
@ViolaLass- I first suggested that my mother gift me the house on the grounds that I get drawn up legally binding agreements to either make monthly payments or a lump sum to everyone. If the house were in my name, I assumed I would be able to get a loan/mortgage (sorry if I have the terminology wrong) using the house as security that would be enough to pay everyone their 'share', even though the property were in my name. Please let me know if that was wrong, I really am new to all this and while thinking that I may have done my research, would happily find out I was barking up the wrong tree so I can lay that idea to one side.

If the house was in your name, then you would still be subject to the same affordability criteria for your mortgage. If the house were valued at 440 (to make it easy), you would have a 25% deposit (your share of the house) but would need to meet affordability criteria for the remaining £330k to give your family members £110K each.

tryinhard

@Gigervamp- Not really, don't want to go down that road as I have never had and never will have a problem with this, but just thought it would be easier to say he's been there rent free as I thought it would come up as a question at some point.
I now realise that my OP made me sound like a money grabbing "have my cake and eat it" type person who will burn anyone that gets in their way, but I think I was just freaking out about losing my dad, my mum moving away and now probably seeing someone else live in the house I grew up in.
If nothing else this has been great therapy.

agrinnall

I don't think we see you as a money grabber (at least, I don't) but you do need to get over the emotional attachment to a particular property. After my dad died my mum sold the house that they had built 53 years previously, and the new owners completely changed it (actually they did a really good job), obviously it was a bit of a wrench for my mum but at the end of the day it's just bricks and mortar.

tryinhard

@AndypandyBoy- I agree with everything you said.
@ViolaLass & emmatthews- I thought having a the house in my name would give me an even better chance of getting a loan/mortgage that would cover my families share. I am seeing my chosen lender next Friday morning to re-look at my options based on current house prices. I can't say more as we are waiting for the new land reg document to be sorted by the solicitor and then for my family to come up with a price. Thanks for your thoughts.

Andypandyboy

For what it is worth I don't think you come across as a money grabber either. Good luck, I hope you find a way forward.

Red-Squirrel_2

tryinhard wrote: »

@Gigervamp- Not really, don't want to go down that road as I have never had and never will have a problem with this, but just thought it would be easier to say he's been there rent free as I thought it would come up as a question at some point.
I now realise that my OP made me sound like a money grabbing "have my cake and eat it" type person who will burn anyone that gets in their way, but I think I was just freaking out about losing my dad, my mum moving away and now probably seeing someone else live in the house I grew up in.
If nothing else this has been great therapy.

You don't come across as a money grabber, just as somebody who's a bit desperate to get the outcome they've got their heart set on without really seeing the potential for disaster in the future. It happens to us all!

Pixie5740

If your mum is moving into the property where your brother currently lives what is going to happen with the current property? Could you live in it rent free for a few years like your brother has in the other property? That would give you time to save some money to buy it or another property.