Buying property/share from family?

[Wez]

Howdy,

 

Does anyone here have any experience in buying a property or share in a property from a family member?

 

Thanks

 

 

Wes

[Whitesupraboy2]

Yep, Shared property with bro / dad.

 

All put in same equal deposit in beginning 33% and all paid same amount in to account every month (even though being rented)

 

we simply;

 

had a re value of the house by 3 independant people; found out how much to pay off the remainder of the mortage.

 

House value (minus) mortgage pay off cost.

 

whatever was left split 3 ways and the leaving party was to be paid this fully either remortgage (if need too) or cash.

 

As the leaving party he did pay 50% costs of fees as eventually we would need to pay the fees again when its sold which he understood.

 

Went through quick and easy and no problems between any of us. We didnt change the mortgage or anything, was the fairest way to do it and no bad blood!

[Wez]

Was the property 100% in your Dads name to start with?

[Whitesupraboy2]

Nope the deeds, had all 3 of us on it hence some legal costs to get that altered through solicitors and getting the mortgage changed as well (to 2 names not remortgage)

[Wez]

Thanks for the info, I will contact a solicitor tomorrow