Family Equity Release

#1
Stubborn retired family member won't downsize. Can I buy (and raise a mortgage against) part of their property?
The money will go towards some sort of extension (sun room/downstairs toilet) and quality of life.
 
#6
If the property owner agrees to a shared ownership, then presumably its down to whether a mortgage company would agree the loan. That shouldn't be a problem, given that they'd have first charge on a property with plenty of surplus equity.

If the purchaser is a cash buyer, then its simply a matter of getting a solicitor to draw up a contract that satisfies the requirements of both parties (eg maybe property cannot be resold until such time as original owner has passed away, etc).
 
#8
I'm pretty sure a lot of people do this as part of estate planning, i.e. transferring title/part title to the family home (or at least a chunk of its equity) from parents to kids.

A specialist estate planning solicitor will probably have a selection of off-the-shelf solutions, and will also probably have the direct contacts to mortgage brokers who deal with this niche. A third party professional would of course also be the best person to explain the idea to a stubborn oldie.
 
#10
Stubborn retired family member won't downsize. Can I buy (and raise a mortgage against) part of their property?
The money will go towards some sort of extension (sun room/downstairs toilet) and quality of life.
What claim do you have on the property?
 

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