Hi
My in laws have been left a house in trust (to brothers and wife) and are planning on moving there, The house they currently live in is mortgage free and has no debts secured on it.
They have 3 siblings my wife and two brothers, the brothers own their houses. Myself and the wife are in rented.
Her parents really want to sell us their house and as we have a poor credit history and unable to get a mortgage they have been told about a family/private mortgage which they seem to act as the lender.
I have looked around on the internet and this seems to be an american thing.
They have offered it to us at a price of £85k (zoopla £120K) with no interest payments. It seems to good to be true the plan would be to move in with them for 4 months paying £1k per month so they could finish up their new place then continue at £600 per month till the 85K is paid.
Deeds will be transfered but held in lieu until payment in full is recieved.
Now they are both getting ready to retire soon 1yr and are not in the perfect health so is this really a good idea?
I am going to a solicitor soon to discuss this but at the moment im looking for answers.
1. Can this be legally done?
2. What sort of implications are there?
3. If something were to happen to them could the Brothers have any form to contest the contract
Any other considerations ideas would be appreciated.
My in laws have been left a house in trust (to brothers and wife) and are planning on moving there, The house they currently live in is mortgage free and has no debts secured on it.
They have 3 siblings my wife and two brothers, the brothers own their houses. Myself and the wife are in rented.
Her parents really want to sell us their house and as we have a poor credit history and unable to get a mortgage they have been told about a family/private mortgage which they seem to act as the lender.
I have looked around on the internet and this seems to be an american thing.
They have offered it to us at a price of £85k (zoopla £120K) with no interest payments. It seems to good to be true the plan would be to move in with them for 4 months paying £1k per month so they could finish up their new place then continue at £600 per month till the 85K is paid.
Deeds will be transfered but held in lieu until payment in full is recieved.
Now they are both getting ready to retire soon 1yr and are not in the perfect health so is this really a good idea?
I am going to a solicitor soon to discuss this but at the moment im looking for answers.
1. Can this be legally done?
2. What sort of implications are there?
3. If something were to happen to them could the Brothers have any form to contest the contract
Any other considerations ideas would be appreciated.