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Question about family home

  • 15-02-2012 6:42pm
    #1
    steve_
    Registered Users, Registered Users 2 Posts: 956 ✭✭✭


    Ok so our family have gone through a rough patch lately and I would like some advice. My mother and step father split up after 15 years because of an affair including my step father. he has moved in with the other person and currently isnt paying the mortgage on our family home. My mother is under pressure to sell as she cant afford the repayments. Its been about a year since the split and my mother is seeing someone else and wants to move in with him.

    This has cemented the idea for her to sell the house and move on. But i would like to keep the family home if i could so that me and my brother have some form of investment for the future. My brother (step fathers son) will naturally move with my mother and i will be required to move into rented accommodation.

    The family home is valued at around 180k with about 100k left on the mortgage. It seems as though neither my mother or step father are thinking straight because if we sell the house then thats it, its gone. If my mother breaks up with her new partner she is homeless. I can easily afford to pay the mortgage but my step father is still pushing to sell up.

    I never expected something like this to happen and naturally iv been living the way most young men do, living for the weekend and not much savings at all. I do have a full time permanent contract with IKEA but i reckon the likelihood of me getting a mortgage on the house is slim. Like i said the mortgage left to pay is 100k, but id need maybe 140k in order to pay my mother and step father to sign over. My step father is holding off because as soon as his son (15) turns 18 he can demand to sell the home. Its a sad state of affairs and im just trying to look after me and my brother where it seems the other two are only thinking of themselves. Any help would be much appreciated


Comments

  • #2
    PoleStar
    Closed Accounts Posts: 774 ✭✭✭PoleStar


    Parents don't buy houses so their children have an investment, they buy them so they themselves have some security in their old age. At least that has been the traditional philosophy in countries like Ireland and the UK (as opposed to mainland Europe where people mostly rent).

    While the idea is nice, I can't see any particular reason why your parents should consider their house as an investment for you. I think you are being selfish.

    Secondly, nothing wrong with you renting out a place of your own, why do you need to buy somewhere?


  • #3
    killers1
    Registered Users, Registered Users 2 Posts: 1,443 ✭✭✭killers1


    Sorry to hear your troubles seems like a messy situation. If you don't think you can afford the mortgage now then why are you getting involved in the situation. If your mother & step father want to proceed let them sell the property which will give your mother some cash in her pocket. In the meantime you should knuckle down and get your savings in order so that you will be in a position to buy a place of your own in a year or twos time. At least that way if it doesn't work out with your mother & her new partner that can come and live in your place. Best of luck hope it all works out


  • #4
    steve_
    Registered Users, Registered Users 2 Posts: 956 ✭✭✭steve_


    Firstly i dont think its selfish at all to be thinking of my brothers future. Id like to pay off the remaining mortgage and set him up once i sell. I can rent the place myself no bother but my mother was saying that once my brother turns 18 the house can be sold without question and id rather not be paying off my step fathers mortgage for him to just turn his back on us and sell up


  • #5
    steve_
    Registered Users, Registered Users 2 Posts: 956 ✭✭✭steve_


    killers1 wrote: »
    If you don't think you can afford the mortgage now then why are you getting involved in the situation.

    I can easily pay the mortgage repayments. I just dont thinks its as simple as taking over the mortgage im sure id have to apply for it by myself.


  • #6
    killers1
    Registered Users, Registered Users 2 Posts: 1,443 ✭✭✭killers1


    steve_ wrote: »
    I can easily pay the mortgage repayments. I just dont thinks its as simple as taking over the mortgage im sure id have to apply for it by myself.

    Steve thinking the repayments are affordable and applying for mortgage approval from a bank to purchase the property are 2 completely different things... You said you don't think you'd qualify for a mortgage at the moment, well if you don't you won't be able to buy the house unfortunately.


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