buying one parent out of house

This is a topic that has been mentioned a few times but no one has really seriously thought about it.

If i was to buy my dad out of his share of the family home on the condition that my mum leaves me her half when she passed. Would I be likely to get a mortage from a bank to buy my dad's half. The idea would be my dad no longer lives in the house after he sells his share.

Philip Slattery said:

Would I be likely to get a mortage from a bank to buy my dad's half.

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No. It's very complicated. You could stop paying mortgage, and then the bank can't kick you mum out because she owns half the house.
They've effectively got a secondary charge.
At best I would think you could get a buy to let mortgage.
Not every situation is the same, so a bit more info on what you're trying to achieve might help.
Are your parents married? Divorcing?
Will you live in the house?
Do you own another house / have a mortgage?

The fact my mum will still be living there was where i figured an issue may arise

Are your parents married? Divorcing? They are Separated
Will you live in the house? I will be living in the house and i am currently living in the house
Do you own another house / have a mortgage? I dont have any other house

It's not impossible, but will take a bit of figuring out, for everybody.

It might be that you buy the house outright, give your dad half the value and give your mum a right of residence, and treat the difference as an inheritance / gift. But your mum needs to be treated fairly and have security. Because you're raising a mortgage, it'd only be possible to put the legal right of residence in place after the mortgage is in place.

Your parents aren't the first in their circumstances, so while uncommon, it's not unique. Hopefully someone with practical experience will be able to share. Unfortunately the only case I'm aware of didn't involve a mortgage on the home (there wasn't a huge amount involved, and the mum and 2 children raised personal loans / mortgaged other property to buy out the dad)

It's a very difficult one.

The Bank won't agreed to a right of residence- their charge must rank first and must be enforceable against all those having an interest.

A right of residence ranking ahead of a charge would make enforcement of the bank's charge well nigh impossible.

mf

Joint mortgage with your mother on it too if you can find a bank to do it, but she would have to have some sort of separation agreement done with your dad sorting out property etc.

You won't get a mortgage to buy a half share. You could probably get a mortgage to buy the whole thing (assuming income etc) even with the right of residence once your mother waives that in favour of the banks charge if required, i.e. if you don't pay the payments! But that isn't what you want as I presume she still want to own her half.

Thanks all, At the moment it is theoretical. But the soultion that suit all is that my dad gets his fair share and my mum has security for the rest of her life.
A possible option from above would be the gift from my mum takes place at the same time as the sale. While my mum would get a right of residence it would need her to give the Bank priority over the house if i default.