Just a query

mulletdreamer · 5 May 2017 at 8:12PM

My two sons live in the house I own.
The younger is about to leave, the other son wants to stay but his income is so low I doubt it's feasible.
Just out of interest, is there a solution here?
Could he but a share of it from me?
I know this is vague but what does anyone think?
Thanks.

mrginge · 5 May 2017 at 8:51PM

Solution to what?

Number75 · 6 May 2017 at 12:02AM

I think the OP has been renting a house to her two sons, but not living there herself. One is moving out, and the remaining son doesn't earn enough to cover the rent. So she's wondering if he can get a mortgage to buy a part share. OP, you need to explain the situation more clearly!

mulletdreamer · 7 May 2017 at 7:13PM

Apologies for my poor outline but yes, number 75 has it in a nutshell!!

glosoli · 7 May 2017 at 7:19PM

No that's not possible.

If he applies for a mortgage either he would be buying the house from you, or you would be doing a transfer of title and adding him to the mortgage and to the deeds, which would involve switching the mortgage to a residential basis and be in joint names. The mortgage is either on all of it and not just his "share".

Either way I don't see how this would be a solution to him if he has a low income.