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Deed of gift followed by purchase

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stumich24 | 10:42 Tue 13th Sep 2011 | Law
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Twelve months ago my dad gave me half of his house by way of deed of gift so we now own half each. I live there with my wife and son and we pay him rent. Where do I stand on being able to borrow money against my half now to buy his remaining half so I own it fully? Would this be allowed?
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Avatar Image redcrx
you wouldnt borrow money against your half, money borrowed would be against whole property as youd then own all.
10:55 Tue 13th Sep 2011
Avatar Image hc4361
You'd have no problem getting a mortgage (assuming your income is high enough), after all your loan to value ration will be very low at 50%.
Should the mortgage company need to repossess they'd have no problem recovering their money.
12:13 Tue 13th Sep 2011

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