Conveyancing/mortgage advice request please

[Thatstoomuch]

Hello,

My parents are in the position of selling their property and are looking at a property with enough room for my DC and I to move in with them. They will buy the property and i will pay them a monthly (informal) rent similar to what i pay my landlord now.

The property they are in love with needs a small extension to accommodate us all and they estimate this will cost around £25k which i would like to pay for but dont have that sort of cash. The property will have all 3 of our names on the deeds so am i able to raise a mortgage on the property to pay for the extension? The purchase price is just over £450k so a very low loan to value and i have a salary of £38k with no other debt so probably very low risk to a lender.

Would we all have to sign for the mortgage? They have good pensions but id rather not have them part of the paperwork.

Thanks

And im not part of the purchase, i would move in after about 12 months.

Bump
I realise how very boring this is!

You need to ask a broker. You should also write out in a legal agreement exactly what happens to the property in certain circumstances: if one of your parents dies, if they break up, if you get a partner and want him to live with you or get married, if you decide to move out etc.

pipandmum that is really helpful. We have discussed what happens if i meet someone and my parents have assured me that they could live there without me helping. They have also stipulated something about what would happen if someone dies or goes into a home (tenants in common?) But i think i need to realise every possible outcome as they are advancing in age. I possibly have rose tinted glasses on as a single parent as the house is absolutely stunning and i could never offer my children that sort of life otherwise. They are going to move anyway so i just need to raise this money so i can join them

Could you take out an unsecured loan? I've even got credit card with a £21k limit. (It's actually in credit at the moment from flight refunds )

I do have a credit card with a £6k limit that I've never used - i could take an unsecured loan i suppose, thats over 5ish years isnt it?

Are they buying it outright?
If so then yes you will be able to, I sometimes deal with small mortgages like that. £25k over 25 years would only cost you £100-£200 per month depending on interest rate.

Thank you 2nd august.
Yes they are buying it outright so looks like something i may be able to do.

I'd get a decent quote on the extension too. £25k doesn't go that far so be certain it is only £25k before commiting to how you'll finance it