Renting from family

T-T_4

Basically i sold my home a few years ago to a family member as i was struggling with payments and unsecured debts and i now pay rent to them to stay in the same home.. the reason for this was that i did not want to lose the house totally as i've been in it since the age of 14 months. Will the OR frown upon this?

JPS29

Do they have a mortgage on the property or own outright.

Only reason i ask is that most mortgage companies exclude renting to family. I know as i rent a house to my sister and this was a ball ache to overcome:rolleyes:

tigerfeet2006

T-T wrote: »

Basically i sold my home a few years ago to a family member as i was struggling with payments and unsecured debts and i now pay rent to them to stay in the same home.. the reason for this was that i did not want to lose the house totally as i've been in it since the age of 14 months. Will the OR frown upon this?

How long is a few years ago?

nervousmother

T-T wrote: »

Basically i sold my home a few years ago to a family member as i was struggling with payments and unsecured debts and i now pay rent to them to stay in the same home.. the reason for this was that i did not want to lose the house totally as i've been in it since the age of 14 months. Will the OR frown upon this?

The main problem would be, how many years ago did you sell it? did you sell it for the current market value? if you sold it for the correct amount no problem, if you sold it with massive discount that will be frowned upon,

He wont have any problem with you renting from family as long as your paying a reasonable amount of rent (not giving him 1k for something valued at £500 per month)

T-T_4

i sold it end of feb 07, for the market value at that time.. family member took out a buy to let mortgage and the rent is correct for the home and area but i'm worried about confronting an OR who disagrees with the situation?

nervousmother

in that case there is nothing for him to disagree with :-)

These are stressful times but try not to worry to much, it will be ok in the end,
good luck

T-T_4

thanks nervousmother, definitely stressful times & i'm well known to be a worrier over the smallest things........ as soon as my head hits the pillow is the worst so i'm pleased to see your reply before bedtime..