Hi All,
Due to a growing family my wife and I are planning to sell our existing house and pool our funds together with my mother-in-law to upgrade to a new PPOR for us all to live together in.
Once moved in my wife and I are keen to look at purchasing our first IP (separate from mother-in-law) using equity from the new property. Before doing so however I would like to consider the structure of the ownership, e.g. names on title, loan, etc., and make sure I understand the implications of the different options.
Currently I am working full time and earning the highest wage. My wife is working part time from home and is unlikely to go back to work full time any time soon. My mother-in-law works full time but is planning to retire within the next year or so.
Can anybody suggest a suitable structure in terms of a) names on the title, b) names on the loan, c) joint tenants or tenants in common, d) if TIC then equal or unequal shares, which would give my wife and I the best borrowing capacity for an IP in the near future while at the same time protecting or keeping separate the mother-in-laws share of the property?
I?m fairly new to all of this so looking forward to hearing your thoughts.
Thanks,
Jonathan
Due to a growing family my wife and I are planning to sell our existing house and pool our funds together with my mother-in-law to upgrade to a new PPOR for us all to live together in.
Once moved in my wife and I are keen to look at purchasing our first IP (separate from mother-in-law) using equity from the new property. Before doing so however I would like to consider the structure of the ownership, e.g. names on title, loan, etc., and make sure I understand the implications of the different options.
Currently I am working full time and earning the highest wage. My wife is working part time from home and is unlikely to go back to work full time any time soon. My mother-in-law works full time but is planning to retire within the next year or so.
Can anybody suggest a suitable structure in terms of a) names on the title, b) names on the loan, c) joint tenants or tenants in common, d) if TIC then equal or unequal shares, which would give my wife and I the best borrowing capacity for an IP in the near future while at the same time protecting or keeping separate the mother-in-laws share of the property?
I?m fairly new to all of this so looking forward to hearing your thoughts.
Thanks,
Jonathan