Buying house with father

[jedimistress]

We will employ a solicitor for this conveyancy but would appreciate some pointers before we do so. I am buying a house, with cash, with my parents. I will only have 25% share. Would this be a normal conveyancy transaction or will there be extra terms and conditions since my share is smaller? Will we do a straight forward transaction then write up an agreement about shares and the sellnig of the house etc? We will all live in the house but would like the option to review the situation at some time if one of us is not happy? Any ideas, pointers much appreciated. We will appoint a solicitor this week but wonder what to request. Thanks in advance.

[Eve]

Best to get proper independant legal advice on this first so it takes your own personal situation into account.

Definitely get an agreement put into writing and maybe consider making ro revising a will too.

Make sure all financial contributions are properly documented with evidence so there can be no disputes at a later date. This inclugdes furnishing, mortage contributions, repairs, anything.

[dannydingbat]

Your share will be set down in the deeds as the terms of the joint tenancy

[jedimistress]

Danny.
This will make it a straightforward conveyancy then?
Many thanks.

[NJOK]

Conveyancy is so so straightforward that you'd be better off saving yourself a lot of money by buying a text book and doing it yourself.

Here's a guide to doing it that will cost you �7.

http://www.amazon.co.uk/Easyway-Guide-Conveyan cing-Residential-Stewart/dp/1900694875/ref=pd_ sim_b_4/203-2725974-4833538

[jedimistress]

I'd do this but unfortunately my dad is so old fashioned and would rather....leave it to them! It was hard enough to get him just to call for quotes.

[themas]

It will not be a joint tenancy as the ownership is not in equal shares - it will be a tenancy in common with the % owned by each of the three of you specified in the title documents.

Your post reads as if you want to sort out now the circumstances under which the house could be sold. That is not a normal conveyancing matter. In my opinion you definitely need legal advice.

[jedimistress]

Themas,
So we can do the conveyancy as tenants in common, then perhaps concentrate on a separate legal agreement should things go wrong in the future?

I have a solicitor friend who I'm sure could do this seperately for us, but she does not do conveyancy.

Thanks.

[dannydingbat]

Sorry, I wasn't paying attention. You will be Tenants in Common in whatever proportion reflects your contribution. This is a perfectly normal, particularly as nowadays people can only buy by joining in wiht others. It just means that you can each dispose of your shares in the property, ie. in a will and, on death, the shares do not automatically pass to the others

[themas]

The conveyancing should be straightforward for any competent solicitor.

Your posts give the impression you have doubts about whether this will work out long term. If that is the case, it is important from your point of view to get all the relevant issues put into a written agreement BEFORE you go ahead with the purchase - follow Jenna's advice.

[seatrout]

Dont get a friend to do it - whether they are a solicitor or not. This is the sort of arrangement that often unravels and the parties find themselves in expensive legal proceedings. Get ti right from the outset and see a solicitor

[Peter Pedant]

Oh God get a solicitor to do this - or a licensed conveyancer - -they're good as well.

Actually you have specified all the probelms wh may arise with sharing within the family.

if you have 25%, then you should get 25% of the sale price when it goes. You need to agree what occurs if one partyonly wishes to sell up.
an agreement on running costs - since this does not add to the value of the property you may wish to halve of third them.
and what to do about capital imrovements and who pays.

It is straightforward - my own family never reached agreement on this and so we never did it - probably because one party never wanted to come out and say they didnt agree - they just made diffciulties until it fell apart.

Good Luck - it is not such a big deal if you want to make it work.