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Peter_Kendrick
Posts: 110 Forumite
I am thinking of buying a property to let to my daughter and her boyfriend. We are considering buying it in joint names (myself, wife, daughter aged 21 and son aged 18). This would reduce CGT liability. My daughter/boyfriend will pay us a small rent.
Do I need to set up a contract for my daughter and boyfriend? If so would it be an Assured Shorthold Tenancy?
Thanks.
Do I need to set up a contract for my daughter and boyfriend? If so would it be an Assured Shorthold Tenancy?
Thanks.
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Comments
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Yes, and yes.
No matter how good the relationship you have with your daughter and her partner, it would be foolish IMO not to have a proper agreement in place.0 -
most BTL mortgages preclude you letting to close family members.
i think you will have difficulty getting an 18 year old on a mortgage0 -
The purchase is not on a mortgage. I will be paying cash. Should the contract be an Assured Shorthold Tenancy?0
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Yes, it should be.0
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Peter_Kendrick wrote:The purchase is not on a mortgage. I will be paying cash. Should the contract be an Assured Shorthold Tenancy?
I wonder why we use the term paying in CASH when we mean paying in full without a loan, I still do it too, but whenever I read a post like this I have a picture in my mind of a chap walking into the solicitor office with a suitcase full of £50 notes....
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