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Interesting scenario
HaydenB
Posts: 160 Forumite
Good morning,
Right...
My parents, mortgage free, are looking to sell what has been the family home for the past 38 years and downsize. My partner and I are looking to buy it. It is a decent sized property which would be out of our price range so my parents are going to release some of my inheritance to hopefully enable it all to happen.
My partners father has a debilitating illness where he has lost the use of his legs. We are therefore looking at converting the ground floor into a self-contained flat. We will then convert the attic into the main bedroom which would mean we still had a four bedroom house over three levels (with the in-laws then on the bottom level). The in laws are going to sell their house and use the equity to do the works at our house - structural works, etc are required but hopefully there will be enough with the equity to turn the bottom floor into a nice home for them.
They wont be buying any rights in the house. We will be paying the mortgage but they will be paying a third of all utility bills, etc. But it is all a bit messy. For example, the in-laws are going to pump a considerable amount of money into the house but wont actually own any of it. So should my partner and I ever separate they could risk losing everything. And I also want to protect my inheritance from my partners.
Obviously I think me and my partner are together for the rest of our living days, but I am also a realist and understand that we dont live in a perfect world hence wanting to make sure EVERYONE'S interests are protected.
What are peoples thoughts?
Right...
My parents, mortgage free, are looking to sell what has been the family home for the past 38 years and downsize. My partner and I are looking to buy it. It is a decent sized property which would be out of our price range so my parents are going to release some of my inheritance to hopefully enable it all to happen.
My partners father has a debilitating illness where he has lost the use of his legs. We are therefore looking at converting the ground floor into a self-contained flat. We will then convert the attic into the main bedroom which would mean we still had a four bedroom house over three levels (with the in-laws then on the bottom level). The in laws are going to sell their house and use the equity to do the works at our house - structural works, etc are required but hopefully there will be enough with the equity to turn the bottom floor into a nice home for them.
They wont be buying any rights in the house. We will be paying the mortgage but they will be paying a third of all utility bills, etc. But it is all a bit messy. For example, the in-laws are going to pump a considerable amount of money into the house but wont actually own any of it. So should my partner and I ever separate they could risk losing everything. And I also want to protect my inheritance from my partners.
Obviously I think me and my partner are together for the rest of our living days, but I am also a realist and understand that we dont live in a perfect world hence wanting to make sure EVERYONE'S interests are protected.
What are peoples thoughts?
0
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