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Buying out half of parents house?
tindog
Posts: 5 Forumite
Hello!
My Father has kindly suggested that I may like to buy 50% of his house (and gradually buy him out). He lives abroad (the house and I are in England, he is outside Europe) and currently rents the house out (but I would need to live in it if I bought a share). I've promised to look into his idea and get some information on what we need to do/find out/discuss during his next visit in 2 months time.
I wondered if anyone here had done anything similar before, and could offer any advice/let me know how it works, and how the process will be different to usual house purchases (deposits etc)? I'm assuming it's not as straightforward as simply getting a mortgage for 50% of the house value and drawing up ownership contracts, wills etc. Is there some sort of specialist I can visit before his visit purely to gather information (or should I just see a mortgage advisor?) This is all new to me
Thankyou
My Father has kindly suggested that I may like to buy 50% of his house (and gradually buy him out). He lives abroad (the house and I are in England, he is outside Europe) and currently rents the house out (but I would need to live in it if I bought a share). I've promised to look into his idea and get some information on what we need to do/find out/discuss during his next visit in 2 months time.
I wondered if anyone here had done anything similar before, and could offer any advice/let me know how it works, and how the process will be different to usual house purchases (deposits etc)? I'm assuming it's not as straightforward as simply getting a mortgage for 50% of the house value and drawing up ownership contracts, wills etc. Is there some sort of specialist I can visit before his visit purely to gather information (or should I just see a mortgage advisor?) This is all new to me
Thankyou
0
Comments
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You can't buy 1/2 a house if you need a mortgage.0
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That's a shame. Thanks for the reply.0
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