I own a house which will be paid for in less than ten years. The house is 'worth' 7 times more than I paid for it and needs some work on it.
DP (of some 15 years) is not on the mortgage and has never owned a property.
I want to sell him a third of my house at market rate (so I can then pay off the remainder of my mortgage and give DS some money for their house and also want do some work on this house) I will still own 2/3 of the house and if necessary we will marry to make things 'cleaner' (we have 3 children together and DS is my child from my first marriage).
He is a first time buyer to all intents and purposes.
We will both at some point inherit quite large sums of money from both sides but ideally I would like to arrange building works on the house over the summer.
Is it a remortgage or a house sale or what is it? And what pitfalls might I encounter? Thank you