Family House Swap/Inheritance Advice

Worried_Comrade

Hi All,

Apologies for the thread title but I really had to idea what to call it or even if it was to go in this section. Hopefully someone can help or at least point me in the right direction.

It’s all a bit complicated but here goes...

So, our current situation is I have my own mortgage on a house I paid £78.5k on and have £50k left to pay but I’m about to move house.

My Mother and Father are selling their house, that has been valued around £120k to move into mine. They have £33k left to pay on their mortgage that will be cleared with the sale.

They will also give my brother £10k

They’ll then allow me to pay off my mortgage and use the rest (minus all the fees) for mortgage deposit and renovation the new house.

We’re all confused on how it (my old house) will be all be divided equally and fairly when God for bid they do pass away.

Can anyone else make sense of it all and help us??

Sorry if I’ve not made sense with any of the above but my head is mincemeat

xylophone

Your parents will have £87,000 after the sale of their property?

Why don't they just take out a mortgage big enough to enable them to buy the house from you, renovate it and give you and your brother £10,000 each?

They can then choose how to own the property and leave you and your brother the property in equal shares when they pass on?

Worried_Comrade

They’ve already renovated it after my old man picked up his pension (I’m currently living in their house and they’re living in mine)

Tom99

Your post is confusing. You own a house (A) but you are 'about to move house' (out of A?)
But in you next post you are already living in your parents house (B) and your parents live in (A).
So are you moving out of (B) to a new house (C) or staying in (B)
Your parents are going to pay off the £50k mortgage on house (A), give you brother £10k and what they have left to you to renovate the 'new house'. Is the 'new house' A B or C?
But you parents have already renovated it. What have the already renovated, A B or C and if they have already renovated it why do you need money to renovate? Are two houses being renovated?

Keep_pedalling

It sounds like your parents are cash poor, if that is the case they should not really be giving anything away.

xylophone

You are living in your parents' house and they are living in yours.

They have used their own resources to renovate your property.


They are now about to sell their property and you are moving elsewhere?

They will realise £87,000 after the sale of their property?

They borrow enough to buy your house from you at market value (less the amount they have spent on the renovation) and make you and your brother a modest gift if they so choose?

They then leave the house to you and your brother through their wills?