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Buying house with father
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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.
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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.
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.
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
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
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.
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.
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
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.
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.
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.
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.