Advice needed re: 2 mortgages and parents in 1 property

jediknight49

Hi

I recently got married, and live with my wife, who has her own property, a shared ownership 1 bed flat.
I have my own property, 3 bed semi, but my parents live in it. I bought the family home around 10/11 years ago as an investment, and also to make sure if anything happended to my parents, being council rented, i would not loose roof over my head.

My parents are pensioners, and contribute towards the utility bills ect, but i receive no rent/monies towards the mortgage mainly due to them not being able to afford to.
Times are tough, but we would like to get are own place, start a family eventually, but as things stand, we are finding it very hard to keep 2 properties afloat without any additional funds / help towards the mortage. An option would be to sell my wifes flat, but she is not keen to move into my house due my parents living there (shes loves them to bits, but it would be cramped!)

Me and the wife are in our mid thirties, and wondered what the options were available to us?. A friend mentioned mortage to rent to help free up "funds", but my parents can not afford rent, so that idea seems no good unless they could help with the rent payment. I certainly would not want to kick my parents out of the house, but we seem to be stuck in the middle at the moment and not too sure which route to pursure which would benefit all parties.

Any advice or suggestions would be appreciated

churchrat

not really sure what you are asking??
just to make sure I have this right
1--you bought your parents council house. I am assuming that they were on an assured tenancy and you purchased the house under the right to buy scheme, which allows a certain %off the real value?
2--they live there rent free
3 this arrangement no longer suits you and you want to know??what ? exactly??
do you want to know if you can chasrge them rent and if benefits will pick up the bill?? very unlikely

you could off course, make them homeless.

poppysarah

Why can't they afford it? Because they would get HB if they did not live in your house? Was it their house?

You've got a very clear solution available to you. You and your wife sell both your properties and buy one big enough for you and your parents to all live in

FROSTYFRECKLE

Hi,

There was thread very similar to this one not that long ago. If you have not charged someone rent before and now decide to charge rent, HB will not be paid as it is a Contrived Tenancy. Sorry don't know how to find old threads but I'm sure someone will be along soon enough who can point you in the right direction.

50plusabit

If you have had the property in your name for 10yrs, your parents will be able to apply for HB, even if its your property.

blaise802001

Why can't your parent's move into the one bed flat and you move into the 3 bed house?