Buying Half A house (relative)

Blakey1982

Hi all

My step dad is 62 and is considering selling his house but has enquired about me buying half instead.

It’s valued at £425k

How would this work? His mortgage is approx £80k remaining.

Can it be done?

Tom99

Bit more info maybe will help the comments you get:

Does he live there alone?
Is he going to continue to live there?
Are you going to live with him?
Do you own another property?
Can you afford £212K?

Blakey1982

Tom99 wrote: »

Bit more info maybe will help the comments you get:

Does he live there alone? YES
Is he going to continue to live there? YES
Are you going to live with him? YES(there is a granny flat attached)
Do you own another property? NO. IVE JUST SOLD IT
Can you afford £212K?

. YES.


Thanks for reply. See above.

Tom99

[FONT=Verdana, sans-serif]From a property/financial point of view the only problem I can see is if you need a mortgage as your step dad is probably too old.[/FONT]
[FONT=Verdana, sans-serif]The legal part ought to be quite straightforward, you buy, lets say, a 50% interest owning it as tenants in common and he pays off the £80k mortgage.[/FONT]
[FONT=Verdana, sans-serif]What would be the advantage over step dad selling and you both buy your own property?[/FONT]

getmore4less

Will you need a mortgage is the critical question.

Blakey1982

I will need a mortgage for around £140k