Buying Father In Laws House

[sams88]

Hi All

Was just after a bit of advice really & thought what better place to start!!!

Mother In law has passed away recently & my father In Law has asked us if we would dlike to miove in with him & in effect buy the house from him.
He still has about 28k outstanding on the mortgage so am i right in thinking that this is what we would need to get on a mortgage (although we would also like to pay some debts) & would the house then be in our name? The house is worth about 240k.

Thanks in advance for your help!!!

[Sapphire]

Re: Buying Father In Laws House

Hiya sorry to hear about your bereavement.

Are there any other siblings ? I'm not sure about the mortgage bit but just a thought, IF there are no other siblings then why have a mortgage, you could move it and have an arrangement for your father in law to leave the house to you when he passes away and in the mean time you could pay the mortgage, that way you don't have to got the whole 'getting a mortgage' route, unless of course your FIL wants a lump sum or you are looking to raise extra funds.

[sams88]

Re: Buying Father In Laws House

Thanks Sapphire.
There is another sibling, we are planning to have an amount agreed & drawn up so we would need to borrow enough to clear the existing mortgage & pay the sibling?

[Amy]

Re: Buying Father In Laws House

Does your father-in-law not wish to make a profit on the sale, just merely have you take over the mortgage from him?

[sams88]

Re: Buying Father In Laws House

No, he doesnt want to make a profit. He basically cant afford to stay there on his own. He wants to live there with us but obv we will have the house in our name.