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Buying parents house.

I live with my elderly mother in her mortgage free house. I have 2 siblings we will share everything equally we have a will in place.

I am new to all this, how would I go about buying this place on a mortgage (hopefully I would be able to do it) after she dies, I am concerned that they will have free cash out of it but I won't and be saddled with a large debt and be worse off out of the 3 of us?

I don't know all the ins and out of this. 
My Signature is MY OWN!!
«13456

Comments

  • user1977
    user1977 Posts: 13,881 Forumite
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    You agree the value of the house, you get a mortgage and pay your siblings 2/3rds of the agreed value, you then own the house.

    Not sure I understand your concern about them having "free cash"? You'll have a free one-third of a house, to the same value as their cash. If you want cash you can all sell the house and take the cash if you prefer.
  • bryanb
    bryanb Posts: 4,993 Forumite
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    You will each have one third share of house sale. If you choose to buy the house your third will probably become the deposit for your mortgage. Other  2 siblings will have cash but no house
    This is an open forum, anyone can post and I just did !
  • slenderkitten
    slenderkitten Posts: 1,037 Forumite
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    edited 10 March at 11:57AM
    If the house is worth £150k what would happen with my £50k how do I get that out of the house? 
    My Signature is MY OWN!!
  • slenderkitten
    slenderkitten Posts: 1,037 Forumite
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    bryanb said:
    You will each have one third share of house sale. If you choose to buy the house your third will probably become the deposit for your mortgage. Other  2 siblings will have cash but no house
    That makes no sense, I have to have the deposit first to get the mortgage to enable me to buy the house. How would I get the money out of the house other than putting it on the mortgage to pay myself? 
    My Signature is MY OWN!!
  • user1977
    user1977 Posts: 13,881 Forumite
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    If the house is worth £150k what would happen with my £50k how do I get that out of the house? 
    By selling it.
  • slenderkitten
    slenderkitten Posts: 1,037 Forumite
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    edited 10 March at 12:07PM
    user1977 said:
    You agree the value of the house, you get a mortgage and pay your siblings 2/3rds of the agreed value, you then own the house.

    Not sure I understand your concern about them having "free cash"? You'll have a free one-third of a house, to the same value as their cash. If you want cash you can all sell the house and take the cash if you prefer.
    I live with my mother in the house, I want to own/live in it as I don't want to pay extortionate rent and potentially eat out my savings one sibling had a buy to let house and another they live in they own ad a family the other in council accommodating so he's fine too it's me with the expensive problem whichrver way I can look at it, they have the cash without any debt attached to it, mine from what I see would come out of a mortgage if I choose to try to take out the full value for the three of us to get a share, which will have debt attached to it that's why I say they have FREE MONEY, as I understand it! 
    My Signature is MY OWN!!
  • Caz3121
    Caz3121 Posts: 15,539 Forumite
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    If the house is worth £150k what would happen with my £50k how do I get that out of the house? 
    the options would be to either sell the property and you would each have £50k
    if you want to keep the property you would take a mortgage of £100k to give siblings £50k each and have £50k equity in property - or take a higher mortgage reducing the amount of equity but giving you some cash - eg 90% LTV would be £15k equity, £135k mortgage - £50k each to siblings and £35k to you
  • user1977
    user1977 Posts: 13,881 Forumite
    First Anniversary First Post Name Dropper Combo Breaker
    If you want to be on a level footing with your siblings, why don't you also get your own residence now?
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