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Clare
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 34278
Experience:  I have been a solicitor in High Street Practise since 1985 and have specialised in Family Law for the last 10 years
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Good Morining, I want to buy my parents house from them - for

Resolved Question:

Good Morining, I want to buy my parents house from them - for full market value - but still have them live with me. Is there a way that we can do that?
Submitted: 3 years ago.
Category: Family Law
Expert:  Clare replied 3 years ago.
Hi
Thank you for your question.
My name is Clare
I will do my best to help you but I need some further information first.
Do you need a mortgage for this?
Why do you wish to do this?
Clare
Customer: replied 3 years ago.


Good Morning,


Thanks for getting back to me.


 


I will need a mortgage and have already been told that I'm eligible for the necessary amount to buy the house at full market value.


 


My parents took out an interest only mortgage approximately 7 years ago, the terms of which expire in October. They do not have the funds to pay the capital on that mortgage. At the time, the plan was always for me to take out a mortgage to buy the house when the term ended and when that was discussed with the various mortgage providers we were told that wasn't a problem. Now, however, they are telling us that if I buy the house my parents can no longer live there.


 


To me, this seems ludicrous. This is our family home - it is the only home I have ever known as I still live with my parents, and the only house that my parents have lived in since they were married (they bought the house in 1972). If I can't buy the house and still have them live with me I'm going to have to buy a different house and we all move into there. Either way, my parents would still be living with me.


 


Is there any way that we can all stay in our home?


 


Thanks,


Laura

Expert:  Clare replied 3 years ago.
Hi
Who has told you they cannot stay there?
What reason did they give?
Clare
Customer: replied 3 years ago.


Hello,


Lloyds Bank and Santander mortgage advisors. Lloyds have said that there is absolutely no chance of my parents remaining as I might kick them out and make them homeless. Santander have said that the sale must be 'vacant possession' which means we all would need to move out for me to be able to buy the house. Neither of these reasons make sense to me.


 


Laura

Expert:  Clare replied 3 years ago.
Hi
That is indeed bizarre - what you are doing is not that unusual and there is no great problem in arranging it.
Your parents will need to sign forms confirming that any claim they may have would fall behind that of the mortgage company - but agin that is not unusual and will cause no problems.
I would suggest that you speak to an independent Mortgage Adviser who can ensure that your (only slightly) unusual request goes only to the lenders who will not raise pointless issues
I hope that this is of assistance - please ask if you need further details
Clare
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