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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

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  • 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.

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    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

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