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Thread: Co-own a home but want to move out

  1. #1

    Co-own a home but want to move out

    About 15 years ago, me and my dad inherited our house from my grandfather in London and we are joint owners. Value is probably around 700K and with 45K or so left on the mortgage. We both live there. Me and my wife and two daughters. My mum and dad. All in one roof.

    I have been desperate for years to move out but with about 20K savings on a 60K salary, its hard to save. Help to buy is out of the question as I am a co-owner of this property. My kids are settled at school in London and my parents simply do not want to move.

    They are open to me using some of the equity in this house to move out if I wanted. Obviously need a sizeable deposit in London.

    Would any of your experts be able to advise on potentially what I can do to get myself a home of my own in this scenario? Would I be able to remortgage and use some of the equity here to buy a second home? Or is this not going to be possible in my predicament?

  2. #2
    Have your father remortgage to buy you out as joint owner - may not be feasible if he's not working or has an income that can't support the new mortgage amount but otherwise you'd better work out how to save on your pittance of 60k per year.

  3. #3
    Anyone else?

    Agreed. I’m grateful that I earn 60k given that a lot of people struggle. Hard to save with a family of 4.

    Not sure my father is in any position to buy me out as he has zero savings (basically very bad with money).

  4. #4
    It’s not just a sizeable deposit you will need but you will also have to pay the higher rate of SDLT whilst you still own this property.

    How old is your father?

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