Buying parents house.

slenderkitten

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. 

user1977

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

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

slenderkitten

If the house is worth £150k what would happen with my £50k how do I get that out of the house? 

slenderkitten

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? 

user1977

slenderkitten said:

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

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! 

user1977

slenderkitten said:

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, they have their own residences, they have the cash without any debt attached to it, mine from what I see would come out of a mortgage which will have debt attacked to it that's why I say they have FREE MONEY, as I understand it! 

Ok, but you're getting FREE (portion of) HOUSE. If you also want FREE MONEY then like I said, sell the house. But then you'll need to find somewhere else to live.

Caz3121

slenderkitten said:

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

BoGoF

Sounds like you want to buy the house and still have your £50k 'share' as cash. Only way that is going to happen is if you sell it to a 3rd party. You somehow think you are at some disadvantage that your siblings have £50k cash and you would have a property worth £150k with a £100k mortgage.

user1977

If you want to be on a level footing with your siblings, why don't you also get your own residence now?