We wish to property share financially with family, any one had experience of such a transaction?
Son and wife buy say 60% and we keep 40%, only issue is that the property has dropped in value since we purchased it
Asked on Mar 7 2011, Home Finance in Stoke-on-Trent | Report content
Answers (2)
Sort by: Oldest | Recent | Highest rated
-
You are able to own your property as joint tenants, this means that it belongs to you and your son & wife jointly. You can't re-mortgage or sell the property without the agreement of the other owner. Alternatively you can own your property as tenants in common, however, it still means that it belongs to you and your son & wife jointly, but also that you own a specific share of its value. You can give away, sell or mortgage your share, so most people buying together opt for this route.
Web reference: http://www.moneysupermarket.com/c/news/top-tips-if-youre-...
Answered on Mar 7 2011, Report content -
The property going down in value will only affect you if you are to sell in the near future, if you intend on holding on to the property as a long term investment and home for your family, it will eventually increase in value. This slump in the housing market won't last forever, in a few years or less we could see an improvement. Property is still one of the best ways to invest your money, on your own or with family/friends/business partners.
Answered on Mar 7 2011, Report content
Didn't find what you were looking for? Ask a question
More Home Finance in Stoke-on-Trent questions on AskMe
-
Why can a mortgage not be obtained on the Halifax property in Park Avenue, Stafford?
Asked on Nov 11 2009, Home Finance in Stafford
1 answer - Answer this question -
Can I buy a second property if I have four years left on a present mortgage?
Asked on Mar 17 2013, Home Finance in Cannock
1 answer - Answer this question -
Is WS13 more or less expensive for home and car insurance than WS14?
Asked on May 2 2011, Home Finance in Lichfield
1 answer - Answer this question