Buying parents house.

gwynlas

You would not need to have the deposit in cash in order to buy the house from your mothers estate. You would be buying a 150k house for 100k or whatever size mortgage you choose. If you wish t have the cash to improve or modernise the house once it is yours take on a larger mortgage, I resume that since you live with your mother you are not paying an equal share of all bills as you migh have done with a partner.

slenderkitten

user1977 said:

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

Baffled what you mean by that. This is the best opportunity for me to buy a house and you are telling me to leave my elderly mother in her own and pay expensive rent when all I pay for now is bills, you need to stick to what I asked in my question 

slenderkitten

BoGoF said:

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.

I understand what you are saying, as it stands I would have to use up all my savings for the 10% deposit so I'll have no cash other than what I earn and there ebate some minor things that I'd like to do.  I also need to save for my retirement which is what my saving were for and given that I'm age 45 and had a hip replacement and have other joint problems I have a lot in this equation to consider, I don't have kids, or drive so just me. 

eddddy

slenderkitten said:

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

Maybe look at it like this...

• You and your siblings will be due £50k each (because the house is worth £150k)

• You can do whatever you like with your £50k

If you decide you want to buy your mothers house, the options might include...

• You could use your £50k as a deposit, and take out a loan (mortgage) for £100k from the bank to pay the rest of the price.

• Or you could use £30k (of your £50k) as a deposit , and take out a loan (mortgage) for £120k from the bank to pay the rest of the price. Then you'd still have £20k in cash as well.

In order to borrow money from the bank for a mortgage, they'll want to check your income etc, to see if they think you can afford the repayments.

They might agree to lend you £120k, or they might only agree to lend you £100k - or they might even refuse to lend you any money at all. If no bank will lend you enough money, you probably won't be able to buy the house.

slenderkitten

gwynlas said:

You would not need to have the deposit in cash in order to buy the house from your mothers estate. You would be buying a 150k house for 100k or whatever size mortgage you choose. If you wish t have the cash to improve or modernise the house once it is yours take on a larger mortgage, I resume that since you live with your mother you are not paying an equal share of all bills as you migh have done with a partner.

Yes I do pay equal share of bills and all of the food but that's all, so it's enabling me to save for a deposit which I already have. It's just getting my share of the money that is the question. And obviously that's if can get a mortgage of course 

noitsnotme

Have you been paying rent to your mother during  the time you have lived there?

user1977

slenderkitten said:

user1977 said:

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

Baffled what you mean by that. This is the best opportunity for me to buy a house and you are telling me to leave my elderly mother in her own and pay expensive rent when all I pay for now is bills, you need to stick to what I asked in my question 

We've answered your questions, but I'm baffled as to why you seem unhappy with the answers.

Where are you getting this "10% deposit" bit from? You'll be starting with 33% equity, you don't need to put more cash in.

_Penny_Dreadful

slenderkitten said:

BoGoF said:

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.

I understand what you are saying, as it stands I would have to use up all my savings for the 10% deposit so I'll have no cash other than what I earn and there ebate some minor things that I'd like to do.  I also need to save for my retirement which is what my saving were for and given that I'm age 45 and had a hip replacement and have other joint problems I have a lot in this equation to consider, I don't have kids, or drive so just me. 

No you wouldn’t. You’d use the £50k of equity you’d inherited as the deposit. 

slenderkitten

noitsnotme said:

Have you been paying rent to your mother during  the time you have lived there?

Nope already said what I pay, I don't need to pay her rent she is rich enough lol she isn't a demanding person and she doesn't go anywhere. So it's enabled me to save money. 

noitsnotme

slenderkitten said:

noitsnotme said:

Have you been paying rent to your mother during  the time you have lived there?

Nope already said what I pay, I don't need to pay her rent she is rich enough lol she isn't a demanding person and she doesn't go anywhere. So it's enabled me to save money. 

There you go then, you’ve had years worth of free housing while your siblings have been paying rent or mortgages.  It’s all fair in the end 🤷‍♂️