Buying half a house?

[maillme]

Hi there,

ok, here's the story:

I live in my borthers house and pay rent - he wants me to get a lodger as he is no longer living here (i see his point) - however, im not in favour of this idea - and i have thought about the prospect of buying into his house...here's the sums (sickening to see!):

He bought for �31k
Worth around �90k

So....i have not much experience of mortgages etc - but....is it possible for me to get a mortgage for �45k (dependant on value ofcourse) and "give him" this and then own half the house?


any help is greatly appreciated,

thanks,
Neil

[Ethel]

Yes it is, Neil - there will be some solicitors and Land Registry fees to pay but will be straightforward.

However! There are implications assuming your brother is in agreement. You will have to decide before you do anything what will happen in certain eventualities:

Either of you wants to sell
One of you dies
One of you wants sole occupation (marriage perhaps)...

Think about it long and hard before you do anything.

[dzug]

He still has the right to put a lodger in unless you buy the whole house.

[maillme]

thats great - thanks for the replies!

neil