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Would I improve the situation of make it worse?
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DominicJ_2
Posts: 373 Forumite
We are, for various reasons, saving to buy my partners parents house.
Her father wants to rent mine, partly so he has somewhere to live, and partly so we dont have to sell my house to buy theirs.
Because we were keeping ownership of my house, she was going to buy her parents (shes within all the affordability criteria) in her name.
Her parents now want to move up the schedule from November to, well, now.
If I have £250 pcm of interest payments and a £400 tenancy agreement, do I make the situation better or worse?
To top it off, we would need a £5k gift of my mother (which obviously wouldnt really be a gift, but she'd sign and say it was)
TBH at this point I'm thinking let them sell and we can move when we are ready, but I said I would ask.
Her father wants to rent mine, partly so he has somewhere to live, and partly so we dont have to sell my house to buy theirs.
Because we were keeping ownership of my house, she was going to buy her parents (shes within all the affordability criteria) in her name.
Her parents now want to move up the schedule from November to, well, now.
If I have £250 pcm of interest payments and a £400 tenancy agreement, do I make the situation better or worse?
To top it off, we would need a £5k gift of my mother (which obviously wouldnt really be a gift, but she'd sign and say it was)
TBH at this point I'm thinking let them sell and we can move when we are ready, but I said I would ask.
0
Comments
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Are you sure you understand what becoming a landlord involves?
The fact it is 'family' doesnot mean you donot have to pay tax....get your mortgage lender's permission....change your insurance.... and 261 other things!
New Landlords (information for new or prospective landlords)0 -
Yeah figured it was a bad idea0
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