I Have Inheriated Grans House, Please Help

clever-girl

I have inheriated my grans house

Its worth approx £140,000

I dont want to sell it but keep it as an asset and also in family
My friend is going to live there and pay me a nominal fee, i trust her

I will eventually let this out properly but not at the moment, too soon after her death, ( 8 weeks)

I want to get on the property ladder and i have seen a flat i want to buy which is approx £118,000

I only currently have £3,000 saved up, its sooooo difficult

what do you think i should do?
can i get a bigger mortgage now i own this house outright?

my salary is £28,000, no dependants, only pay my car £300 a month

_Andy_

When you say a 'nominal fee', what is that figure going to be, also is there going to be a tenancy agreement?

notisis

Condolences on the loss of your gran. Sorry to appear a bit dim - but is there any reason why you cannot live in the house as it would appear that you are "on the property ladder". I assume your gran left you (and not other family members) the house so you could live in it?

clever-girl

thanks for replies

nominla fee = will be £50 - £100 a month ( not sure even if this will be)
tenancy agreement will be drawn up showing rent of £0 a month and we have to give each other a months notice to move out

i cant live in the house as I live 350 miles away! ha ha ha ha

bit of a commute to work!

Voyager2002

A tenancy agreement is for at least six months. So you need an agreement that your friend is house-sitting.

At a rough guess, commercial rent for that property would be at least 400 a month, so the time when your friend is in there will be costing you a fair whack.

In the longer term, any rent that you receive once the property is let would be part of your income, and so would increase the amount of mortgage you would get. Although saving rent money to give you a bigger deposit would probably be the most effective means of increasing the size of mortgage available to you.

Alternatively, you could sell this property and use the money to buy the place you want. That would be the most tax-efficient solution.

Kavanne

Your friend probably thinks she's quids in!! How many bedrooms is the house? Can she perhaps have one room and you get other lodgers in the others? So at least you and your family can get some return. Probably not a good idea to tell the other lodgers she's living there rent free

socrates

Sorry to hear about your nan.

What does "inheriated" mean?

feisty1

[quote=socrates;17904513]Sorry to hear about your nan. What does "inheriated" mean?[/quote]

Don't be so facetious.
If you can say "Sorry to hear about your nan", you fully understand this post. Ok maybe a typo error, but nothing anyone making an educated guess couldn't understand.
You are clearly a person who gets some sort of kick from putting other people down. Yours energy would be better chanelled into building on your own self esteem, rather than making yourself feel good at the cost of others.

clever-girl

socrates wrote: »

Sorry to hear about your nan.

What does "inheriated" mean?

thanks for your kind words on my gran
so sincear!

lol

sorry should that be sincere

clever-girl

feisty1 wrote: »

Don't be so facetious.
If you can say "Sorry to hear about your nan", you fully understand this post. Ok maybe a typo error, but nothing anyone making an educated guess couldn't understand.
You are clearly a person who gets some sort of kick from putting other people down. Yours energy would be better chanelled into building on your own self esteem, rather than making yourself feel good at the cost of others.

thanks fiesty

just what i need the now, an idiot!

clever-girl

just a quick reply to all

friend is a VERY good friend of the family and has just lost all her belongings in a fire about 4 weeks ago and has been living in a rented house

i dont want to let it out properly, want to keep it "my grans" house just for a wee while yet

i just want to buy my own house, in my area
but have not enough deposit at moment