- August 9, 2023
- Posted by: legaleseblogger
- Category: Related News
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Heading: Assistance with Financing Options for Purchasing Property in the Same Neighbourhood
Introduction:
My elderly in-laws have recently sold their house and are currently residing with us until they find a new home nearby. We intend to have them closer to us as they face the challenges of aging. However, despite selling their house for a considerable amount, they still face a slight shortfall in order to purchase a suitable property in our area. They need additional funds either for buying a better house or for renovating the one within their price range.
Request for Advice:
In order to address this situation, my wife and I have contemplated the idea of obtaining a $100k mortgage in order to acquire a fractional share of their new property. The exact percentage of ownership would depend on the final purchase price, but it is likely to be in the range of 8-10%.
Seeking Guidance:
Has anyone had experience with a similar arrangement? We are unsure about how to structure this arrangement and would appreciate any advice. Is it as simple as having my wife and I listed as X.X% owners on the title? Moreover, would it be more suitable to borrow the additional $100k against our family home and then use the funds to “pay cash” for our share in their property, thereby leaving their home free of any mortgage? Alternatively, would it be better to take out a mortgage specifically for the share of the property we intend to own?
Potential Solution: AI Legalese Decoder
To assist with navigating through the complexities of this situation, we have come across an innovative solution called the AI Legalese Decoder. This software takes legal documents and translates them into plain language, making them more accessible and understandable. By utilizing this technology, we can ensure that all parties involved fully comprehend the terms and conditions of the arrangement, thereby minimizing any misunderstandings or confusion.
Financial Considerations:
Obtaining the necessary finance should not be an issue, as the Loan-to-Value Ratio (LVR) on our family home is less than 30%. Additionally, we have substantial investments that exceed the balance of our current mortgage, and we have no other debts or liabilities.
Ongoing Responsibilities:
It is important to note that my in-laws would be responsible for the maintenance and bills associated with the property, as they have sufficient income to cover these expenses. Our only expectation from this arrangement is a proportional share of the proceeds when the house is eventually sold.
Conclusion:
In light of this situation, we kindly request the input of the knowledgeable individuals within the r/PFNZ community. Any advice or suggestions on the best course of action, as well as insights on structuring this arrangement, would be greatly appreciated. Thank you in advance for your valuable input.
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Introduction:
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It seems reasonable, but you need to document it well.
Are you in line to inherit the estate from these people in due course ?
The structure youÔÇÖre looking for is ÔÇ£tenants in commonÔÇØ. Any conveyancing solicitor should be able to handle this.
Makes sense. Bit of an opportunity cost vs. other investment options, but worth it and the right thing to do. Maybe look at a Trust structure, I don’t know that much about the advantages/disadvantages, but might be useful to consider. Worth looking into the maintenance costs, it might depend who the trustees are.
If the bank is able to give you additional equity release on your existing property, you could just buy a % share of the property from your relative. So long as the bank doesnt require the new property as security it is fairly easy to do, just need a lawyer to do it, and probably a good idea to do a property sharing agreement.