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  • FIRST POST
    • Blakey1982
    • By Blakey1982 12th Oct 18, 6:06 AM
    • 423Posts
    • 114Thanks
    Blakey1982
    Buying Half A house (relative)
    • #1
    • 12th Oct 18, 6:06 AM
    Buying Half A house (relative) 12th Oct 18 at 6:06 AM
    Hi all

    My step dad is 62 and is considering selling his house but has enquired about me buying half instead.

    Itís valued at £425k

    How would this work? His mortgage is approx £80k remaining.

    Can it be done?
Page 1
    • Tom99
    • By Tom99 12th Oct 18, 6:52 AM
    • 2,791 Posts
    • 1,915 Thanks
    Tom99
    • #2
    • 12th Oct 18, 6:52 AM
    • #2
    • 12th Oct 18, 6:52 AM
    Bit more info maybe will help the comments you get:

    Does he live there alone?
    Is he going to continue to live there?
    Are you going to live with him?
    Do you own another property?
    Can you afford £212K?
    • Blakey1982
    • By Blakey1982 12th Oct 18, 7:07 AM
    • 423 Posts
    • 114 Thanks
    Blakey1982
    • #3
    • 12th Oct 18, 7:07 AM
    • #3
    • 12th Oct 18, 7:07 AM
    Bit more info maybe will help the comments you get:

    Does he live there alone? YES
    Is he going to continue to live there? YES
    Are you going to live with him? YES(there is a granny flat attached)
    Do you own another property? NO. IVE JUST SOLD IT
    Can you afford £212K?
    Originally posted by Tom99
    . YES.


    Thanks for reply. See above.
    • Tom99
    • By Tom99 12th Oct 18, 7:32 AM
    • 2,791 Posts
    • 1,915 Thanks
    Tom99
    • #4
    • 12th Oct 18, 7:32 AM
    • #4
    • 12th Oct 18, 7:32 AM
    From a property/financial point of view the only problem I can see is if you need a mortgage as your step dad is probably too old.
    The legal part ought to be quite straightforward, you buy, lets say, a 50% interest owning it as tenants in common and he pays off the £80k mortgage.
    What would be the advantage over step dad selling and you both buy your own property?
    • getmore4less
    • By getmore4less 12th Oct 18, 7:35 AM
    • 33,298 Posts
    • 20,114 Thanks
    getmore4less
    • #5
    • 12th Oct 18, 7:35 AM
    • #5
    • 12th Oct 18, 7:35 AM
    Will you need a mortgage is the critical question.
    • Blakey1982
    • By Blakey1982 12th Oct 18, 8:15 AM
    • 423 Posts
    • 114 Thanks
    Blakey1982
    • #6
    • 12th Oct 18, 8:15 AM
    • #6
    • 12th Oct 18, 8:15 AM
    I will need a mortgage for around £140k
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