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Ask Clare Your Own Question
Clare
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 34105
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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We want to buy my fathers property, it is my family home

Resolved Question:

Hello, we want to buy my fathers property, it is my family home which my father lived in for 20 years but now rents it out. We cannot afford to buy the property outright but wondered if it was possible to own part of it or a share? Thanks.
Submitted: 9 months ago.
Category: Family Law
Expert:  Clare replied 9 months ago.

Thank you for your question

My name is Clare

I shall do my best to help you but I need some further information first

How much is the property worth and how much do you wish to pay?

Customer: replied 9 months ago.
It's estimated value is £250,000, we could raise £100,000 mortgage.
Expert:  Clare replied 9 months ago.

How old is your father and what other assets does he have?

Customer: replied 9 months ago.
He is 57 and has another house that is mortgaged too that he lets out.
Customer: replied 9 months ago.
Hello are you still there..?
Expert:  Clare replied 9 months ago.

Is there currently a mortgage on the property that you wish to purchase?

Customer: replied 9 months ago.
there is still a mortgage, I'm not sure how much exactly, perhaps £100,000.
Customer: replied 9 months ago.
I do not think my father would pay off the remaining mortgage should we be able to purchase some of it. We would likely live in the house and pay his remaining mortgage as well as our own each month.
Expert:  Clare replied 9 months ago.

i am afraid that that is not possible.

If you are going to have a mortgage then the property will have to be transferred into your name and the existing mortgage will have to be paid off before the new mortgage is issued.

In essence it is indeed possible for your father to sell you a share of the property - and you could either get a new mortgage jointly with him - or the property can be transferred into your name and there would be a Trust Deed confirming that your father retained a financial interest in the property.

Please ask if you need further details

Customer: replied 9 months ago.
Right I think I understand. so we could get a joint mortgage with my dad and get a trust deed confirming he would hold financial interest. Would that deed specify a percentage for example he would hold 65% of the financial interest? Thanks
Expert:  Clare replied 9 months ago.

If you get a joint mortgage you will not need a separate Deed - and yes you will be able to specify unequal shares

Clare and other Family Law Specialists are ready to help you
Customer: replied 9 months ago.
That is great Claire thank you very much for your help!
Expert:  Clare replied 9 months ago.

You are most welcome

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