Q I’m in my early 30s and live with my parents while saving for my first house, which I will be looking to buy in the next year or two.
My parents live in a large semi-detached house that they extended to twice the size of the original three-bed in the early 90s. They are both in their 60s now and thinking about retiring but are held back as they still have a mortgage to pay and aren’t keen to move out of the area they’ve lived in for more than 30 years. They’ve recently proposed the idea of splitting the house into two separate addresses, keeping the extended part of the house for themselves and selling me the original part of the house. Both parts of the house would be a good size and have parking and garden access, so I think we meet all the criteria for size and space that the local council would have. The sale would provide enough to pay off their remaining mortgage, making it possible for them to retire. It would also make it easier for me to get on the property ladder as they would give me a small discount on the price (property prices are high in this area).
