We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Buying parents House
cncvalue1
Posts: 3 Newbie
Hi Can any one advise my parents own a property worth £150k at present due to its present condition they had originally built this property in 1983 due to circumstances they moved out in 1995 and have lived in rent accommodation since as they both are on income support.
They are willing to sell me the property for £70k cash then I will rent it back to them for £200 per year giving them a life time lease.
Could any one advise if I am putting myself in a position short term or long
as I have no wish to live their as I am also in rented accommodation.
The property in question is a detached bungalow 200 sq mtrs located in 1200 sq mtr garden therefore I am concerned this could be treated as under value sale and may cause me problems
Thanks
cnc
They are willing to sell me the property for £70k cash then I will rent it back to them for £200 per year giving them a life time lease.
Could any one advise if I am putting myself in a position short term or long
as I have no wish to live their as I am also in rented accommodation.
The property in question is a detached bungalow 200 sq mtrs located in 1200 sq mtr garden therefore I am concerned this could be treated as under value sale and may cause me problems
Thanks
cnc
0
Comments
-
Why are your parents renting somewhere when they own their own home?0
-
They have outstanding debts to pay and can not afford to pay them0
-
-
So the house is worth £150k and your parents have £150k's-worth of debts secured on the property?0
-
Why don't they sell it for the market price and continue to live where they are?
How did you arrive at £200?
Do you understand the rules on deprivation of capital (google it!)
What do you mean by 'income support'? Do they get housing benefits? Have you looked at the impact of them having £70K savings?
Have you considered Capital Gains Tax? If you own the property but don't live there yourself you will be liable for CGT.
What kind of 'position' are you worried about?Could any one advise if I am putting myself in a position short term or long
as I have no wish to live their as I am also in rented accommodation.0 -
Im confused.
They own their own house, they rent somewhere else, cant afford to pay their debts.
If they moved back into the property they own, they wouldnt have to pay rent, they could then afford to pay their debts.
I cant understand how they receive means tested benefits when they own house.
Sorry if Im being thick here.make the most of it, we are only here for the weekend.
and we will never, ever return.0 -
I'm guessing they are renting somewhere cheaper than the rent they are getting on their owned home and the surplus is helping to pay the mortgage.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
-
im guessing that this thread is a wind up.Be Alert..........Britain needs lerts.0
-
paddedjohn wrote: »im guessing that this thread is a wind up.
It just makes me so sad that people do this.
When we coudl be here helping people who are genuinely in need of help. really sad
Perhaps we should have a sad smiley.............make the most of it, we are only here for the weekend.
and we will never, ever return.0 -
here you go, half a dozen of the blighters:sad::sad::sad::sad::sad::sad:Be Alert..........Britain needs lerts.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.8K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.2K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards