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Can I live in a house before buying it.
Daddybear85
Posts: 77 Forumite
Hi odd situation so pls bear with me.
Me and my wife are going to buy her mum and dad's house off them. We will then build an extension for them and then they Will live rent and mortgage free (they are gifting us a large chunk of the house). we have found a mortgage provider who will be ok with this situation, however my father in law has just found out he will be having a knee replacement next month as a result of ongoing issues, this means he may struggle to pay existing mortgage before we buy house.
My question is do u think we could move in and help with bills before we buy or could cause a problem?
Thanks in advance.
Me and my wife are going to buy her mum and dad's house off them. We will then build an extension for them and then they Will live rent and mortgage free (they are gifting us a large chunk of the house). we have found a mortgage provider who will be ok with this situation, however my father in law has just found out he will be having a knee replacement next month as a result of ongoing issues, this means he may struggle to pay existing mortgage before we buy house.
My question is do u think we could move in and help with bills before we buy or could cause a problem?
Thanks in advance.
2016 was both financially and emotionally. 2017 will be our year.
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Comments
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Why not just gift them the mortgage payments and not move in - therefore not causing any issues with purchasing a house you already reside in ?Spelling courtesy of the whims of auto correct...
Pet Peeves.... queues, vain people and hypocrites ..not necessarily in that order.0 -
You couldn't be more wrong. I find ur post rude and offensive and have reported it. We are not all out to con people.2016 was both financially and emotionally. 2017 will be our year.0
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Daddybear85 wrote: »You couldn't be more wrong. I find ur post rude and offensive and have reported it. We are not all out to con people.
Rather than getting too defensive, have a think about it. If to a casual observer it looks like that, then what if care home fees do become due and the council comes after you?
Be very careful about the gifting of the assets as you may end up with a big bill later on.0 -
Daddybear85 wrote: »Hi odd situation so pls bear with me.
Me and my wife are going to buy her mum and dad's house off them. We will then build an extension for them and then they Will live rent and mortgage free (they are gifting us a large chunk of the house). we have found a mortgage provider who will be ok with this situation, however my father in law has just found out he will be having a knee replacement next month as a result of ongoing issues, this means he may struggle to pay existing mortgage before we buy house.
My question is do u think we could move in and help with bills before we buy or could cause a problem?
Thanks in advance.
Have you? At what stage is the application? Did you go to the lender direct or via a broker?
And your FIL's inability to pay the current mortgage could complicate things even further. And that's before any other considerations.0
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