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Keep current house but buy 2 more? Possible..
Comments
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No one can answer your questions properly without clear details.
- How much is the current property worth?
- How much is left on the mortgage?
- How much do each earn?
- How much does an average house in the area / number of bedrooms needed cost?
3 -
I'm done.
At some point we have to accept that we are never going to get beyond evasive answers, so cannot help further.
3 -
Monosyllabic OPs don't make the task easy.
1 -
PProperty Around £450k
£230k still left to pay
One is on £60k other on £40k and one one minimum wage £26k
They are happy to relocate up north, as currently in South where prices are crazy.
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I answer what was asked?
You gave much of the answer, as it seems selling is the only best option as taking out equity will complicate things as there are 3 owners not two.
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We still don't know if the equity is split equally between the brothers or if perhaps the one with the highest earnings put more into the deposit and is therefore expecting to get more back if the property is sold?
If it is equal then none of the brothers can get an 85% mortgage on the property which would let them buy out the other 2, unless perhaps the one on the highest salary has some extra cash they could access.
If all three want to sell and move north then they will have more options depending on where they go, perhaps the two on the lowest salaries can buy something together, but it all depends on what jobs they can get at the new location…
2 -
Side issue, what happens to the home if 1 of the shared owners is made bankrupt?
Only asking as a work colleague is in one of these renting a room and one of the 4 owners is seriously in financially trouble and has had bailiffs at the door for a CCJ but not the for the home.
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The one earning £60k put most deposit in so he has the biggest share in the house, the £26k put second highest deposit and the one on £40k put in third highest, I would say.
So the person that put most should take equity out bit then the other two won't be able to afford the new mortgage?
All ends it looks as if selling is the best option, in terms of equity how would they work that out..
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It all depends on the way the house was purchased and if there was a declaration of trust which protected the higher deposit of the one with the highest salary, so there is no way to answer this precisely.
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There is nothing set in Principle, all got the house to live in at that time but all now have families so currently renting whilst paying mortgage.
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