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Mortgage/Property Legal help

(5 Posts)
pigswithrockets Wed 10-Apr-13 16:19:46

Has anyone bought a property jointly with relatives? Myself and OH are planning on selling our house. My (elderly) parents are going to do the same. We are then going to pool our resources and buy somewhere big enough for us all to have our own space, kitchens, bathrooms, etc. Benefits are that we have handy childcare and when my parents get doddery they have me nearby to look out for them.

This means that me/oh will have to have a mortgage, but my parents will not need a mortgage.

So my question is, how does the mortgage work if the house is in four names but there are only two names on the mortgage? Can we even do this? My parents are happy for us to have 50/50 split on the house, even though we would only be putting in a third of what they are putting in.

nocake Wed 10-Apr-13 17:50:10

The lender will almost certainly want all the names on the deeds to also be on the mortgage. They want to be sure that they can repossess the property if you default and having extra names on the deeds makes that very difficult.

lalalonglegs Wed 10-Apr-13 17:59:46

pigs - are you an only child? What happens when your parents die (sorry) and siblings want a share of "their" house?

pigswithrockets Thu 11-Apr-13 09:53:09

Thanks nocake.

lala I'm not an only child but things will be set up as to be equitable and all parties are happy with the proposed arrangements. My daughter is the only grandchild, so eventually she will get everything anyway.

lalalonglegs Thu 11-Apr-13 10:17:15

Please make sure that your parents' will is updated once you have bought a home together. Good luck with it all.

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