Buying Out Advice

EmmaC237

Hello, 

I have a unique situation that I hope someone can assist on. 

My partner and his mum purchased their family home (Ex council property  so got a cheap deal to purchase) and have around £50k left to pay off the mortgage. 

Me and my partner want to live together, and was wondering our best options financially to ensure financial security for all involved. Please note the property value is around £280-£300k and the remaining amount on the mortgage is around £50k. 

One option i believe would work is I get put into the mortgage, effectively buying out his mum and move in. With the equity she obtains from
the property downsizes to a small home, and we remortgage based on this. 

Questions I have are: does she profit from this? I.e the equity will get her  enough to financially support her to buy a property and have a small mortgage left to pay? Also, what would that mean for me and my partners mortgage - is it half the equity of what the agreement comes to divided by myself and my partner ? We want to ensure that she isn’t financially worse off , however my partner would inherit whatever she purchased in the future. 

I am a first time buyer, however I believe financially this is the best and cheapest option for us both. In an ideal situation they would sell the property, however both parties are reluctant to sell. 

I would appreciate any advise around this! 

MovingForwards

What's wrong with you and your partner buying a home and letting your partner's mom live in the home she is buying.

dimbo61

You can't get out on or into the mortgage.
If your partner and his mum sell within 5 years they have to pay back the discount they got under Right To Buy.
Why would your partner and his mum sell ?
Where are they going to live if it's £280/300K for an ex council property in the area.
If your partner's mum gives you the house and needs long term care it would be seen as deliberate depravation of assets by the coucil.
If 5 years have passed and Mum wants to buy a small property mortgage free happy days.
You and your partner could use his 50% after the mortgage is paid off to buy a home of your own.

getmore4less

What are you bringing to the table?

They have £230k-£250k

getmore4less

Given the discount would have been mums how is the current equity being split.