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Co-own a house but need my own for my family. Advice needed
JohnFenwick
Posts: 14 Forumite
I have a property worth around £700K in London. 4 bed house with a side extension. Inherited from grandparents. Me and my dad co-own. About £30K left on mortgage.
I’m on about £60K.
My mum and dad live at the property with my disabled brother who cannot work and needs care.
We also live at the property (me, wife and sons).
As you can see, a bit of a problem.
It’s a VERY long story but my parents who are retired really don’t want to move. I can’t afford to buy a property – plus my name is on the house.
However, they said they would be willing to do a transfer of equity on the house onto my name if it enables me to buy another house and keep them living as they are.
Now I guess the question is – is that possible? Could I place a second charge or something on this house in order to buy another? Could I even convert this to a regulated buy to let (or Family buy-to-let as some lenders might do)?
I don’t think its workable but hope some of you experts can clarify. My head hurts thinking about the products out there and possible solutions.
I’m on about £60K.
My mum and dad live at the property with my disabled brother who cannot work and needs care.
We also live at the property (me, wife and sons).
As you can see, a bit of a problem.
It’s a VERY long story but my parents who are retired really don’t want to move. I can’t afford to buy a property – plus my name is on the house.
However, they said they would be willing to do a transfer of equity on the house onto my name if it enables me to buy another house and keep them living as they are.
Now I guess the question is – is that possible? Could I place a second charge or something on this house in order to buy another? Could I even convert this to a regulated buy to let (or Family buy-to-let as some lenders might do)?
I don’t think its workable but hope some of you experts can clarify. My head hurts thinking about the products out there and possible solutions.
0
Comments
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You don't need to do anything with this property to buy another to live in.
You do need to bear in mind that:
The current mortgage will impact your affordability on the new property.
You will pay an extra 3% stamp duty land tax on the new property.
Lender's can have additional issues and rules in these circumstances but they are not onerous.
Consult a good Broker.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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