Is anyone able to offer a view on how to manage selling both our house & our parents in order to buy 1 big house with a "granny flat" or just big enough for all of us?
Big difficulty seems to be coordinating the simultaneous sale of two properties - but are there clever ways round this? I was thinking perhaps there's a way to "sell & rent back" one of them first while the other one is put on the market?
Or any other clever ideas?
Our house isn't big enough at present to let them move in to ours in the meantime.
Details are: our house - worth 160k, mortgage of 50k, I can afford to borrow another 50k. parent's flat (mccarthy & stone, 1 year old) , cost 90k, all paid for.
so I reckon together we can afford about 250 to 300k , depending on if I borrow more.
I appreciate there's a legal side about ownership & avoiding a tax liability. But I wanted to verify the practicalities of buying/selling first.