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  1. #1
    Join Date
    May 2010

    Any home buyers on here? After some advice

    Me and the gf are currently renting atm, were looking to move in with her parents to allow us to save up a nice deposit.

    However my dad is putting his house up for sale as he canít afford the mortgage payments after losing his job...this is annoying as the house will no longer be in the family and I will have no chance of acquiring it at a later date..

    The house itself isnít something Iíd buy if I were in the market (area etc) but its cheap (£76,000) or thereabouts. Anyway he has about £30,000 left to pay on the mortgage so what I need to know is if there is a way to take over the house in a sort of percentage terms so like the remaining £30,000 would be like 40 odd per cent then in years to come when house prices hopefully rise we could sell the house and our percentage would of gained value and weíd have a bigger deposit for somewhere nice..

    Any ideas? Iím not sure if I would be able to afford to take over the house..but its something I want to look into as I donít want the house to be lost if there is a potential for it to increase in value in the future...


  2. #2
    DeanS15's Avatar
    DeanS15 is offline My car is so clean you could eat off it.
    This is DeanS15's Country Flag (England)
    Join Date
    Mar 2008
    sheppey, kent
    This isn't a straightforward matter mate, but it sounds perfectly feasible and would definitely be a matter to consult a solicitor on. Even though it's a very close family member everything needs to be in black and white... So for instance your dad can only afford x each month and you contribute y. You'd have to ensure that whatever he has already paid up to date is calculated as a percentage of the total amount borrowed. This percentage of the equity will always be his. Then if you go halves from that point on for example then he also owns 50% of the remaining amount left to mortgage as it gets paid. This way as the price rises or falls your equity can always be easily calculated as a percentage. Also to make things clean cut a new mortgage for the remaining amount owed in joint names keeps his interest separate from the point where you went into together buy again you'd need a legal document drawn up to cover all the bases regardless of how much you love or trust each other etc you must get a legal document drawn up mate

  3. #3
    Join Date
    Nov 2006
    Swindon, UK
    Yep, see a solicitor about "Tenancy in common". This is where you can split the ownership on a % basis. Normally you and your gf would buy a house as "Joint Tenancy". This should allow you to do what you suggested. But make sure you get some professional advice, as its a complicated area, especially when it comes to selling again.
    The Original Jackhammer -- She's on the road . Oops, off again

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