How much is their home worth? What would be left if they sold and paid off the €350k loan? Could they buy another place, maybe with your/family help, with the balance? They might need to be flexible on location if the budget isn't enough for their preferred location. Could they rent for the rest of their independent years with the balance?They also don’t want to sell their home when the mortgage matures, as there wouldn’t be enough equity left to buy another property in Kildare and they obviously won’t get a mortgage. TIA
The loan value is €350K and property value is approx €450 - €500K.
My father feels that it is his legacy to his children
i think you remortgaging to pay off a lump sum leaving 150k loan is a bad idea.
It doesn’t look like anything will come from the foreign investment. The fund were relying on the land being zoned for residential and it never happened because of the crash, so it’s valued as agri land now. They held out hope for years it would materialise, but it’s unlikely they’ll ever get their money back. My dad was a self employed carpenter with no pension, my mam had a contributory pension, but it’s not much more than the state. They unfortunately just got really bad advice and now have to suffer the consequences.What's the situation with the foreign property? Are there any assets there?
Do they have a pension from working that they can access?
Definitely lots to consider. There are 5 children, so ideally the burden would be shared, but honestly I’m not sure the others are prepared to do so. But that’s their prerogative and I wouldn’t force it/hold it against them.Nadyden, I wouldn’t rush into anything here. You are taking on a big liability if you do this, so the costs & benefits if doing so need to be shared equally amongst the children. Nobody should be put under financial pressure as a result of taking this action afterwards, otherwise it’s not worth it. You probably need tax advice too, so lots to consider
What were the terms of the leaseback offer?and they provided a number of options to them including selling the home outright or sale and lease back from Pepper.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?