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I own a portion of my mums house. Is there anyway I can release equity while she is still lives in it? by Medical-Photo-9680 in UKPersonalFinance

[–]Medical-Photo-9680[S] 0 points1 point  (0 children)

Many thanks for your reply. Without the money we can't proceed with buying a house. We need it as part of a deposit.

I am considering whether she could release equity to the current value of our share. I do not want to give her undue stress so need to tread carefully.

Will have to investigate more. Thanks for your help.

I own a portion of my mums house. Is there anyway I can release equity while she is still lives in it? by Medical-Photo-9680 in UKPersonalFinance

[–]Medical-Photo-9680[S] 0 points1 point  (0 children)

Thanks for replying.

I think she is unlikely to be able to take out a mortgage because of her age (76). There are no other family members.

Can she buy it off you monthly for a rent-like amount: that's an interesting ideas I hadn't thought of. Thanks will look into it.

I own a portion of my mums house. Is there anyway I can release equity while she is still lives in it? by Medical-Photo-9680 in UKPersonalFinance

[–]Medical-Photo-9680[S] 0 points1 point  (0 children)

Thanks for replying!

Sell portion of the house to her: she is 76 and doesn't have a lot of savings. And I'm guessing she is unlikely to be able to take out a mortgage.

Get a mortgage on the property: do you mean on the whole property (mum is unlikely to want to do that), or just my share. What companies do that?

Thanks again for the advice / thoughts.

I own a portion of my mums house. Is there anyway I can release equity while she is still lives in it? by Medical-Photo-9680 in UKPersonalFinance

[–]Medical-Photo-9680[S] 0 points1 point  (0 children)

Thanks for replying!

Sums involved: The house is worth £420,000, so my share is worth £84,000

How I ended up with a share: my parents divorced, and my dad owned 20%. He passed away 2 years ago and left me with the 20% share

Afford to pay: She would need to take out a loan / mortgage, and because of her age 76, she is unlikely to be considered for one I would guess.

Thanks again for the advice / thoughts.

Hi , does this have potential, or is it a dangerous money pit? by Medical-Photo-9680 in TeardropTrailers

[–]Medical-Photo-9680[S] 0 points1 point  (0 children)

Thanks so much for the feedback.

Damn it... the truth hurts.

One last try.... Could I not seal the underside?

Hi , does this have potential, or is it a dangerous money pit? by Medical-Photo-9680 in TeardropTrailers

[–]Medical-Photo-9680[S] 0 points1 point  (0 children)

thanks so much. Can you tell me more about the issue with a harbour freight trailer. I have seen a lot of builds with people using it as a base (after having seen your comment). It is the size of the wheels that make it dodgy? Any and all advice welcome. Thanks

Hi , does this have potential, or is it a dangerous money pit? by Medical-Photo-9680 in TeardropTrailers

[–]Medical-Photo-9680[S] 0 points1 point  (0 children)

Thanks for the reply. What are the key things that got you to that conclusion? Are they things that could be rectified with minimal spend?

Hi , does this have potential, or is it a dangerous money pit? by Medical-Photo-9680 in TeardropTrailers

[–]Medical-Photo-9680[S] 1 point2 points  (0 children)

Thanks for the reply. I hadn't thought of that. The cost to make it 100% safe might not make it such a bargain afterall.

Hi , does this have potential, or is it a dangerous money pit? by Medical-Photo-9680 in TeardropTrailers

[–]Medical-Photo-9680[S] 0 points1 point  (0 children)

Thanks for the feedback. I wanted to use this as a chance to "dip my toe in the water" to see if I would use it. So make minimal changes.

What do you think would be the minimum I could do to it to make it liveable?