Advice re house purchase from partner's family

DebtClearer

Person_one wrote: »

Why can you not move into rented together for a bit? Its rarely a good idea to jump straight into joint home ownership without a trial of actually living together first.

Hi, we will be renting in the target property for a few months however if we can not obtain a mortgage within 6 months the property will be sold on the market.

DebtClearer

Quizzical_Squirrel wrote: »

You need to go and look at a lot of other houses in this price bracket.
See what that money gets you.

You need to be sure of what's best for you two.
Not what's best for someone else and and someone else's boyfriend.

I've was just trying to think of the diplomatic way to say : don't be a mug and let this woman and her boyfriend manipulate you into doing what will be a huge benefit for them and not just financially.

It's a big stressful thing, selling a house, especially an overpriced and less attractive one. As you may find out one day when you're trying to offload it yourself and you'll wish you had a couple of sweet and shy relatives you could easily palm it off on to, and for full market price.

But I've been waiting in all day for a $odding parcel that clearly isn't coming and I'm grumpy. I've run out of tact today...

Please put yourselves first. Go and look at other houses.
If this is still the right house after that, great.
If it isn't, don't put yourself out for these relatives because they sure as heck aren't putting themselves out for you.

Hi, but they are giving us the 5% deposit. Not sure why you think I'm being done over?

Surely if the house is not worth £150k then the lender will establish that.

NicNicP

DebtClearer wrote: »

Who normally pays for that? The buyer or seller? What would fees be?

We paid for the survey and chose to have the more detailed one rather than the basic one. This was around £500. Our solicitor fees for buying and selling m, including stamp duty was just under £3000.

kingfisherblue

Apart from the legalities and costs involved, it would concern me that the sister would keep returning to the area and expect to stay in the house. Although you have no problem with this at the moment, what about in the future? You might find that you and your gf want privacy, and don't want her sister to stay. It might not be convenient for you. Sister might want to stay every couple of weeks when she visits family in the area, rather than a couple of times a year. She might expect, as a 'guest' that you cook for her - fine if it's not too often, but if she comes down frequently, it could be restrictive if you and your gf want to go out.

Then, of course, there is the future. If you and your gf decide to have children, will sister still expect to stay? Will you have the space? What if she turns up to see the baby when it is first born - will your gf and you want house guests at a time when you are both shattered, emotional, and starting to establish your new family life? What if the sister has children and expects the arrangement to continue, so you have to accommodate everyone?

I love my sister dearly. I wouldn't want her to have the right to come and stay whenever she wanted.

It sounds as though the sister wants to move but wants to retain a base (that she isn't paying for) in her home town. If you do go ahead, be clear on arrangements for the sister coming to stay. It's better to have clarity from the start, rather than arguments in the future because things have changed or the sister visits more than you want.

I'd do as others suggest, and look at other properties.

Mojisola

DebtClearer wrote: »

Hi, but they are giving us the 5% deposit. Not sure why you think I'm being done over?

kingfisherblue wrote: »

It sounds as though the sister wants to move but wants to retain a base (that she isn't paying for) in her home town. If you do go ahead, be clear on arrangements for the sister coming to stay.

It's better to have clarity from the start, rather than arguments in the future because things have changed or the sister visits more than you want.

This is a possibility that jumped out at me.

Is the generous gift of £7.5k really a no-strings-attached gift or will you be expected to pay it back in other ways?

elverson

DebtClearer wrote: »

The one solicitor firm will act between both of us to complete the transaction.

They can't act for both sides in the transaction. You will need your own solicitor, or at the very least a different solicitor at the same firm.

DaftyDuck

Mojisola wrote: »

This is a possibility that jumped out at me.

Is the generous gift of £7.5k really a no-strings-attached gift or will you be expected to pay it back in other ways?

... and, after all, they are saving on Estate Agent fees, possibly cutting on solicitor fees, probably over-inflated the house price (from what you say), have arranged free storage for their furniture for God knows how long, have every reason to be able to ask to kip on the(ir own) sofa/spare bed when they want, and have left you beholden to them for being so generous.....

Families, eh?

fairy_lights

I don't understand why it would be in your girlfriends sisters interests to do this. She would be giving you 7.5k and all of the furnishings in the house. Even though she'll save on solicitors fees and estate agents fees, it seems like an odd bargain.
Another thing to consider - if you and your girlfriend haven't even lived together before are you sure it's a good idea to rush straight in to buying a property together, especially one that could get complicated?