I know this is an old post but I badly badly need advice on the same subject.
Myself & my wife are looking to buy a house from my father which he has built & rented for the last 17 years.
We have been approved a mortgage up to 300k.
The house because of the area is valued around 300k.
My father would like to get 150k for the property & pay off his mortgage for my parents I would like 70k to renovate the house.
What I'm looking for is the best way to buy the house? I don't want to be handing away thousands to change the first name on the deeds.
I want my parents to have a bit of money out of it & not be burdened with debt.
Thanks you.
Myself & my wife are looking to buy a house from my father which he has built & rented for the last 17 years.
We have been approved a mortgage up to 300k.
The house because of the area is valued around 300k.
My father would like to get 150k for the property & pay off his mortgage for my parents I would like 70k to renovate the house.
What I'm looking for is the best way to buy the house? I don't want to be handing away thousands to change the first name on the deeds.
I want my parents to have a bit of money out of it & not be burdened with debt.
Thanks you.