Joint Ownership, renting and buying another house in the future
JohnSmith50
Posts: 2 Newbie
I own a house with my mother, where my I have lived at permanently and then periodically, including with my wife since I got married. We re-mortgaged the house and transferred ownership from another family member who is now deceased several years ago. I do not own another property, but my work has taken me to other parts of the country in the long term, so at times I have taken out leases at various points to live nearer to work, and split my time between the rented house and the house I own.
It looks like my work will be away form the house I own in the long term. So I will be living away from my owned house, in rented accommodation for the foreseeable future. My mother will remain in the house I co-own with her. Do I need to do anything now from a mortgage perspective if I am only renting elsewhere?
Secondly, in the far off future when I finally buy another home, what will the implications be? Will I need to let the half of the house I own to her? Or can the arrangement just continue? I will speak to a financial advisor at some point but just trying to information gather.
Thanks in advance for any help
It looks like my work will be away form the house I own in the long term. So I will be living away from my owned house, in rented accommodation for the foreseeable future. My mother will remain in the house I co-own with her. Do I need to do anything now from a mortgage perspective if I am only renting elsewhere?
Secondly, in the far off future when I finally buy another home, what will the implications be? Will I need to let the half of the house I own to her? Or can the arrangement just continue? I will speak to a financial advisor at some point but just trying to information gather.
Thanks in advance for any help
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