Buying half of land and a property from parents without a deposit advice

JPB1970

Hi,

I know there are a few threads that address this issue but our circumstances seem a little different.

My parents have a property worth around 300k-335k that consists of a house, a decent plot of land and some outbuildings.

They want to sell us the house and half the land and convert the outbuildings on the remaining half of the land into a property - so essentially they want to stay.

The house is worth £220k-235k and the land about 80k-100k. They owe about 60k on the mortgage and would like to clear that with the sale of the house to us and use the rest of the money to renovate the outbuildings for living in.

We don't have a deposit but I earn around 50k so I'm wondering how we could make this work. they have discussed gifting the deposit but would have to get at least £210k to do the building work and cover the outstanding mortgage.

Any creative ideas would be much appreciated!

J

AnotherJoe

Didn't you post this exact same thing about 3 months ago?

Failing that, your circumstances are not a little different to others

JPB1970

Hi Joe,

Not sure why you think I'd post again?

And I have no idea what your second comment means...but thanks.

J

AnotherJoe

My second comment means, someone else is also in your position, so your circumstances aren't different.

As to why you'd post a second time, that's just the sort of thing some posters here do, get an answer they don't like, wait a few weeks, post again. Nothin personal meant by it.

First question to you is, why don't you have a deposit ? It doesn't speak much to your abilty to save which doesn't speak much to your abilty to pay a mortage. You'll also need some savings maybe around £5k to pay for expenses and inevitable initial costs of owning a house.

Second question, have you been to a lender or broker and got an indication if what they were Oudh lend you ?

JPB1970

Thanks for the clarity Joe.

I'm really looking for some helpful ideas about how we could configure this based on the circumstances I've shared and not a discussion about my financial history or ability to pay a mortgage of around 200k (which is a given considering I'm on 50k a year plus) but again thanks for your time.

A link to another thread might be useful though

J

AnotherJoe

Well, i think i posted in that thread so feel free to search through my 3,600 posts :eek:

I'd say it was before September for sure and probably before August.

ISTR the consensus was ..... dont.

I dont see why having a salary of £50k makes a £200k mortgage a shoe-in since whilst the amount you can borrow is dependent upon your salary its also dependent upon what you are borrowing on.

csgohan4

you need a mortgage and you don't even have a deposit. Gifted deposit is fine but if they are living with you as well they have a vested interest and a lot of lenders don't like.


You need a good broker or simply, save more for a deposit