Selling a share in my home

[ochreloca]

My first post here.
I was newly divorced 10 years ago with a young child. I was made homeless 3 times in 2 years. When my settlement came through it was not enough to buy a property outright, and I couldn't get a mortgage due to the contract nature of my work.
So, I am looking to sell a share in my home to a female single parent who is in a similar position. I live in a lovely area with great schools and facilities, quiet and safe.
Has anyone any advice, perhaps some one who has done this before? I have looked into the legal side and it can be done, but only with cash.
I have always shared my home and have lovely lodgers but am looking for something more.
TIA

I think in practice most women would feel less secure about this kind of arrangement than a smaller house in a less nice area or a shared ownership type setup.

Re giving a leg up to another single mum.

You are increasing your risk not necessarily increasing your security in my opinion.

Your credit rating will be tied to them as will your assets.

If they lose their job or get into debt, you will be liable to pick up the pieces and vice versa.

It could work. It could go horribly wrong and you could lose what you have now.

You would need to know their full financial history, their job security and whether they are a bloody liability with money or not.

And thats without considering whether you would get on with living with them in practice.

If its someone you've lived with previously and have had a very long personal relationship with and know them very well it might work. Just advertising for a lodger or the like - nope don't go there - too risky.

What’s to stop the part share owner moving a drug dealer/child abuser into your home? Or even selling their share to one? I’m not assuming everyone wants to find another partner in the future. But things happen…

I have not read the whole thread, but this is not legally possible if the house is mortgaged. The reason is that the bank (which is a registered mortgagee) would need to consent to someone else’s name to be registered on the title - and the bank would never consent to that. They would be crazy to consent.

Op I think you are nuts. 100% nuts.

What happens when they decide to sell their half on and you can't afford to buy it back. You could end up with anyone living in your house.

Let her rent a room and don't compromise your security for the sake of someone else.

Once I changed job I was OK, but having to live next door to child abusers and drug dealers wasn't fun.

Op you know child abusers don't just live in the rough council estates. Four of the worse child abusers I've ever came across were police and bankers.

What you could do to give the person security would be to have a 5 year lease agreement. But only you can decide if that's a good idea or not.
I certainly cuts some of the legal fees associated with buying and selling

If they want to sell after 5 years how would that work?

Would you buy them out? In which case, if property values have risen significantly you end up buying back a portion of your own house at a much greater cost.

What if by then she is in negative equity?

You would have to be tenants in common rather than joint tenants, what if her fortunes had increased and she forced you to sell?

I really admire your impetus to look for a new way for single parents to establish their security.

Crazy crazy crazy idea.

What happens if single mum:

Has a string of casuals round all the time
Family round all the time
Their friends that you might not like coming round.
Expecting you to be free childcare when they go out.
Plays loud music or just music you can't stand.
Gets into massive debt or secures loans against the property.
Decides they want to get pets.
Want to decorate 'their' 50% however they want.
Isn't tidy or very clean and you end up being housekeeping.
Or you just plain fall out over something silly and it then just becomes uncomfortable.

All these things are probable and much harder to solve if she owns 50% of a property. You won't be able to enforce any house rules. Utterly stupid idea. Your solicitor must be having the biggest laugh ever getting paid to try and arrange this.

No problem at all to solve.

I am wanting to offer a home for someone who was in a similar situation to me 10 years ago. I do still have the mortgage, yes, in my sole name. No ex's involved.

So there is no actual need for you to do this? You just want to sell part of your home to a random single mum (not even a friend) to help them out??

That is MAD. Absolutely mad. Nobody does that. There's philanthropic and then there's just barmy. Don't sell part of your house to a random, please just don't.