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Mortgage for 50% of home so sister gets paid for her half

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  • Mortgage for 50% of home so sister gets paid for her half

    My mum was leaving me half the house and other half to sister. Idea was one of us, me really as my sister stays in an other country, would get a mortgage and pay my sister for the current half of market value. Not sure how this works but my mum did this from my gran and bought and paid her sister the half.

    But my dad has been ill and my mum suggests me and my husband buy the house within the next year. She would stay in the house and mabye pay rent to us and share the bills.

    But i dont know how all this works really and once i have a better understanding of process i can then seek legal adivce.

  • #2
    Re: Mortgage for 50% of home so sister gets paid for her half

    Without knowing the FULL details, it appears that a buy to let could be the best way forward, especially if your mum plans on staying there once you transfer the mortgage into your own name and she will be paying rent.

    Also, bear in mind the inheritance tax issues related to this if the worst were to happen and your mother passed away within 7 years of transferring the property to you and your siblings.
    Ailan - ALQ Mortgage Consultancy
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