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Buying the Family home. So confused

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  • 03-01-2018 1:56am
    #1
    spongecake25
    Registered Users Posts: 5 ✭


    Myself and my spouse currently reside in the family home (spouse' family home, mother and father both deceased) we have 2 children. We would love to "buy out" his brothers and sisters, the house was left to all of them when Dad passed. Where do we stand? House was last valued at approximately 60k so not a whole lot...however only one of us works so we're not liable to be considered for a mortgage either..so confused as what to do first!


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    #2
    Mrs OBumble
    Registered Users Posts: 25,950 ✭✭✭✭Mrs OBumble


    Are the brothers and sisters agreeable to selling? This is the first thing to establish.

    Would they consider loaning you the money and receiving repayments over a time frame - effectively a mortgage, but from family rather than from a bank? You would need to have it legally drawn up, and to consider lots of contingencies (so as to avoid a family feud if things go wrong).


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    #3
    Samuel T. Cogley
    Registered Users Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    With one working you may still be able to get a mortgage however most institutions won't lend under 40Kish.

    PS this might be better off in Accommodation and Property if you want to ask a mod to move it?


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    #4
    spongecake25
    Registered Users Posts: 5 ✭spongecake25


    Samuel T. Cogley wrote: »
    With one working you may still be able to get a mortgage however most institutions won't lend under 40Kish.

    PS this might be better off in Accommodation and Property if you want to ask a mod to move it?

    Thanks how do i do that? I'm very new on here!


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    #5
    Samuel T. Cogley
    Registered Users Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    spongecake25 wrote: »
    Thanks how do i do that? I'm very new on here!

    I've asked for you.


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    #6
    splinter65
    Registered Users Posts: 9,420 ✭✭✭splinter65


    How many siblings including your husband?


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    #7
    spongecake25
    Registered Users Posts: 5 ✭spongecake25


    splinter65 wrote: »
    How many siblings including your husband?
    Including my husband there are 6 children in total so quite a few!!!!


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    #8
    splinter65
    Registered Users Posts: 9,420 ✭✭✭splinter65


    spongecake25 wrote: »
    Including my husband there are 6 children in total so quite a few!!!!

    So it’s a question if you borrowing around €50000.
    Have you thought about asking the Credit Union?


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    #9
    spongecake25
    Registered Users Posts: 5 ✭spongecake25


    splinter65 wrote: »
    So it’s a question if you borrowing around €50000.
    Have you thought about asking the Credit Union?

    Yes I have, but only briefly because I thought they had a lending limit of 38k or something. I will google it. It is only 50k to buy them out we would love a bit extra to update the place, that's why I said 60k.
    Just to update the situation, we are eager to buy them out because we still often get told "we knoe you live there, but it's still our home". They throw their weight around a bit, so if they agreed that would put a stop to them doing that.
    Is it very expensive to see a solicitor?


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    #10
    [Deleted User]
    Posts: 5,121 ✭✭✭ [Deleted User]


    spongecake25 wrote: »
    Yes I have, but only briefly because I thought they had a lending limit of 38k or something. I will google it. It is only 50k to buy them out we would love a bit extra to update the place, that's why I said 60k.
    Just to update the situation, we are eager to buy them out because we still often get told "we knoe you live there, but it's still our home". They throw their weight around a bit, so if they agreed that would put a stop to them doing that.
    Is it very expensive to see a solicitor?
    It doesn't sound like they are ready to sell.

    An initial appointment shouldn't be too expensive but the number of people involved will push up the final costs of all the paperwork.


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    #11
    Mrs OBumble
    Registered Users Posts: 25,950 ✭✭✭✭Mrs OBumble


    Are you paying rent to them at the moment?

    If they're making comments like that, and with that number involved, theres a high chance that some won't want to sell. All it takes is one ...


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    #12
    Claw Hammer
    Registered Users Posts: 6,238 ✭✭✭Claw Hammer


    spongecake25 wrote: »
    Yes I have, but only briefly because I thought they had a lending limit of 38k or something. I will google it. It is only 50k to buy them out we would love a bit extra to update the place, that's why I said 60k.
    Just to update the situation, we are eager to buy them out because we still often get told "we knoe you live there, but it's still our home". They throw their weight around a bit, so if they agreed that would put a stop to them doing that.
    Is it very expensive to see a solicitor?
    Some solicitors charge €500 and hour. Some in rural areas charge less but you would be doing well to get a good one below €150.


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    #13
    qwerty13
    Registered Users Posts: 1,272 ✭✭✭qwerty13


    Do any of the siblings want to hold on to the family home? Some people get very sentimental about that stuff.

    Is there any contention re you having lived there, did you pay rent?


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    #14
    beauf
    Closed Accounts Posts: 22,648 ✭✭✭✭beauf


    spongecake25 wrote: »
    ....It is only 50k to buy them out we would love a bit extra to update the place, that's why I said 60k. ....

    I think you need to get the place valued now yourself. Because you might be undervaluing it and if turns out its worth a lot more, and thus out of your budget, you could be burning bridges with the rest of the family for no reason.


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