Is there a way I could buy half a house?

desi · Apprentice Joined: 24 Mar 2008 Posts: 6

Hello everybody. My name is Fillip and I would appreciate if you could give me an advice on one matter. The thing is that I live with my parents in our family home. I would like to have part of the ownership of that house. Is there a way I could buy half a house? I forgot to mention, there is a mortgage on that property. Thank you!

welby · Apprentice Joined: 10 Jul 2008 Posts: 3

Hello to you too, Fillip. I don’t know the exact answer to your question. However, I’ll tell you what I think. You can certainly buy a part of the house from your parents. People do that. Since the house has a mortgage on it, you will probably need consent from a lender. What you should do, in my opinion, is to take a remortgage. Maybe if you do it with the same mortgage provider, you could save some costs. Important factor is tax issue. You will probably be liable for stamp duty, but you should also check out eventual inheritance tax implications. So, I would suggest you to see some tax expert and talk with him about the issue. That is all from me. Bye!