Keep current house but buy 2 more? Possible..

Ziter90

Hi,

Not sure if on right page but here we go.

If three people brought a house, how best can they help each other now get a property each, salary wise they are all on different stages, but can they use the current house to help get two more houses and keep current?

Grumpy_chap

Are they three independent individuals, unconnected other than the part shares in the first property?

Do they all own one third of the current property?

Will they all live in the separate properties once there are three properties?

Can one of them afford to take on the whole of the first property?

born_again

https://forums.moneysavingexpert.com/discussion/6685637/keep-current-house-but-buy-2-more-possible

Only way current house could help, would be if they can sell their 1/3rd share.

Emmia

https://forums.moneysavingexpert.com/discussion/comment/82158738#Comment_82158738

Agreed - if they are all independent individuals, perhaps now is the time to sell house 1 and for them to go their separate ways property wise.

Alternatively whoever remains in house 1 needs to buy the other two out at the current market rate, releasing the cash that way. Whether that's practical depends on whether that person has the money to do so, or is able to increase the mortgage on property on 1 to release enough money.

Ziter90

https://forums.moneysavingexpert.com/discussion/comment/82158730#Comment_82158730

https://forums.moneysavingexpert.com/discussion/comment/82158730#Comment_82158730

Brothers

Brothers, will live seperate, one earns more than £50k so I guess he can buy the other two? Or even one can get his equity and leave?

Ziter90

https://forums.moneysavingexpert.com/discussion/comment/82158915#Comment_82158915

Yes how can one buy the other two.

My thing was for one two get the equity and buy house from the equity and salary whilst the other two keep the house?

Report

MWT

Is the house they are sharing owned outright without a mortgage, and is it owned in equal shares between them?

Ziter90

https://forums.moneysavingexpert.com/discussion/comment/82159797#Comment_82159797

There is mortgage left to pay

MWT

https://forums.moneysavingexpert.com/discussion/comment/82160023#Comment_82160023

Then what is possible depends on the current value of the property and the amount remaining to be paid on the mortgage…

… and again, do they own the current property in equal shares?

poseidon1

https://forums.moneysavingexpert.com/discussion/comment/82160294#Comment_82160294

You are really pulling teeth here. Admire your persistence😊

Ziter90

https://forums.moneysavingexpert.com/discussion/comment/82160294#Comment_82160294

It's is equal in sense all paying the monthly mortgage and putting extra etc.

Best is to sell ? Or equity