Tips on letting property out to family!

spingirl

I know there will be lots of mixed views on this but wondered what other people's experiences are. There are pros & cons involved of which I think I'm mostly aware but any tips would be much appreciated?

Thrugelmir

Rule No 1. Never mix family and business! Always tears.....

BitterAndTwisted

Tips? Just one: don't.

Letting property is a business arrangement and not one to be entered into with friends or family members.

Kynthia

There are very rarely any pros to this sort of arrangement. I'm not saying it never works and no-one should do it as there are often non-professional reasons for doing so. However it is rarely better than finding a suitable and credit-checked stranger to let to. Imagine the consequences of having a family member tenant continuously paying you late but you know they've spent money on a holiday, or the resentment towards a family member landlord who won't pay for new carpets and took four weeks to repair the shower, and they aren't the worse possibilities. It would spill over into family events and other family members may take sides, rows, and possible evictions or action by Environmental Health, could all cause irrevocable damage to family relationships. Of course it could also be fine, but unless there is a very very good reason why risk it?

theartfullodger

Don't

Cheers!

Jenniefour

theartfullodger wrote: »

Don't

Cheers!

Seconded! And thirded!

mrginge

Oh good god no.

DigForVictory

And another one for don't.

If you want a family member in the house (and in the name of heaven WHY?), get a properly vetted secured deposit tenant in & then arrange a marriage.

Please, just don't.

spingirl

Thanks all, I feared everyone would say this I always make decisions on my gut instincts & feel like in these circumstances that it would work very well but I do understand your thinking.

We have a 3 bed house to let & sister in law & her husband & daughter are looking to move from there current rental as the landlord has made all sorts of promises & not kept them & keeps raising the rent & jetting off on holiday!

They like the area out property is in, both in stable (as can be!) full time work, are married & have one daughter. They are very sensible with money & I've been to their home many times, it is immaculate.

Of course there would still be a contract in place but I'm thinking its better the devil you know. Other family/friends of ours who let have had all sorts of problems with tenants, even when sourced through agencies so I'm kind of thinking it all depends on the people involved?

sp1987

spingirl wrote: »

We have a 3 bed house to let & sister in law & her husband & daughter are looking to move from there current rental as the landlord has made all sorts of promises & not kept them & keeps raising the rent & jetting off on holiday!

They already complain about their current landlord and note what their landlord spends his rental income on?

That is a warning sign of possible future familial catastrophe.

See you in a few months when it all goes horribly wrong?!

spingirl

But I agree with sil, shouldn't make promises you can't keep!

They have always paid on time & have looked after the place so I think it unfair that the landlord has not replaced carpets & windows as promised. We will be using a separate bank account & money left after transactions will be used to maintain the property & pay for insurance so personally think it unethical to promise new carpets, not replace them, up the rent & then jet off on holiday!

If you think that's ok then I'm glad you're not my land lord!