J
jayoirl
Guest
Hi All,
Hope you can help me sort this one out in my head. My Dad has come into some money about E70k and is looking for something to do with it. He's not actually stuck for the money as he has a nice little earner from his pension and part-time work he likes doing. He has no huge overheads, mortgages, cars, etc are all paid off. The money he received from his work and pension are more than adequate to meet his needs. He has three other pension funds due to mature soon so basically this E70k is surplus to his needs right and possibly into the foreseeable furture.
To cut a long story short he wanted to just give it to me, but I don't want to take it so I suggested a joint property purchase i.e. myself and my Dad buy the property jointly. He puts up E70k and I borrow the rest of the money. Does this seem like a good idea?
I am married with no kids, I own my own home, an investment business and a serivce business and our (my wife and I) mortage payment represents only 20% of our income. We have no other debts other than our mortgage. Basically, if it all goes wrong I could afford a second mortgage.
How would this purchase by structured? Would we both buy 50% or would Dad buy E70k worth and I would buy the rest? The property would cost about E310k including stamp duty, furnishings, fees, etc, etc. Bascially he wants no risk at this stage of his life and I fully agree.
I also understand that if Dad wants out I can buy his half at reduced stamp duty rate (consangunity(!) relief).
This may seem a little all over the place but I am still trying to figure out the best way to look at it.
Thanks for any help.
Hope you can help me sort this one out in my head. My Dad has come into some money about E70k and is looking for something to do with it. He's not actually stuck for the money as he has a nice little earner from his pension and part-time work he likes doing. He has no huge overheads, mortgages, cars, etc are all paid off. The money he received from his work and pension are more than adequate to meet his needs. He has three other pension funds due to mature soon so basically this E70k is surplus to his needs right and possibly into the foreseeable furture.
To cut a long story short he wanted to just give it to me, but I don't want to take it so I suggested a joint property purchase i.e. myself and my Dad buy the property jointly. He puts up E70k and I borrow the rest of the money. Does this seem like a good idea?
I am married with no kids, I own my own home, an investment business and a serivce business and our (my wife and I) mortage payment represents only 20% of our income. We have no other debts other than our mortgage. Basically, if it all goes wrong I could afford a second mortgage.
How would this purchase by structured? Would we both buy 50% or would Dad buy E70k worth and I would buy the rest? The property would cost about E310k including stamp duty, furnishings, fees, etc, etc. Bascially he wants no risk at this stage of his life and I fully agree.
I also understand that if Dad wants out I can buy his half at reduced stamp duty rate (consangunity(!) relief).
This may seem a little all over the place but I am still trying to figure out the best way to look at it.
Thanks for any help.