Partial mortgage with inlaw

gdavis

Hoping someone can answer my query! Inlaw looking to buy a property with me and my o/h. He has 50/60 % of house price in cash . Would it be possible for me and spouse to get joint mortgage for the outstanding amount and become joint owners. House will be both parties principal residence.tia

phormium

Most likely inlaw will need to be on mortgage too if they are going to be on the deeds.

wench

This sounds like a situation that has the potential to become messy down the line.

While things are amicable, and before you are financially entangled, make sure you all address what happens if this partnership needs to be dissolved.
If one of you needs to move for work/family reasons, property no longer suitable, or there is a divorce or death, what happens next?

gdavis

wench wrote: »

This sounds like a situation that has the potential to become messy down the line.

While things are amicable, and before you are financially entangled, make sure you all address what happens if this partnership needs to be dissolved.
If one of you needs to move for work/family reasons, property no longer suitable, or there is a divorce or death, what happens next?

We will be agreeing everything with solicitor beforehand

gdavis

gdavis wrote: »

We will be agreeing everything with solicitor beforehand

Also,it’s probably the only way we’ll be able to get on the property ladder !

An Ri rua

Banks require that their charge b'é over the whole property. How else could they extricate themselves?

gdavis

An Ri rua wrote: »

Banks require that their charge b'é over the whole property. How else could they extricate themselves?

So would have to be in all names even if only us paying it ?

Jim2007

gdavis wrote: »

So would have to be in all names even if only us paying it ?

Yes and should one be declared bankrupt, the remaining parties would be liable for the whole of the debt.

Also,it’s probably the only way we’ll be able to get on the property ladder !

Do you actually need to be on the property ladder? It has not exactly been a great success for many people, especially ones that found difficult to get on in the first place.

gdavis

Jim2007 wrote: »

Yes and should one be declared bankrupt, the remaining parties would be liable for the whole of the debt.



Do you actually need to be on the property ladder? It has not exactly been a great success for many people, especially ones that found difficult to get on in the first place.

Well, paying exorbitant rent at minute,and thats not getting cheaper.

gdavis

Jim2007 wrote: »

Yes and should one be declared bankrupt, the remaining parties would be liable for the whole of the debt.



Do you actually need to be on the property ladder? It has not exactly been a great success for many people, especially ones that found difficult to get on in the first place.

Well, paying exorbitant rent at minute,and thats not getting cheaper.