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How to make best use of properties in the family.
espanowl
Posts: 1 Newbie
Hi, I'm seeking advice on what options me and my parents have with our properties, I want to help them out and I also want to move too. My parents have an house which they are having trouble selling. They are both in their late sixties and eager to move but unfortunately have not received what they think is a fair offer over 2 years, and since decided to take it off the market. Is there anyway I can let them rent my house (which has a mortgage in my name) and they hand over their house to me so I can part exchange on a new house. Their house is worth considerably less than my property. I'd really appreciate any ideas for the best way to make our properties work for us and the implications we may face. Thanks
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Comments
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I think I've misunderstood your plan.
It sounds as though you want your parents to "hand over their house" to you - but that would mean you get a free house, and they get nothing. From the general tone of your post I'm sure I've misunderstood, but I can't work out what you do mean.
If your house is mortgaged, then you're unlikely to be allowed to let it to your parents. Either your house has a residential mortgage on it (in which case you're not allowed to let it all without the lender's permission), or your house has a buy-to-let mortgage on it (and they usually prohibit letting to close family members).0 -
If your parents haven't received what they consider a fair offer and the house has been on the market for 2 years then the house isn't worth as much as they think it is.
I don't quite understand your plan either. If you want to let your house to your parents you'll either need a BTL mortgage or at least Consent to Let for a time assuming you don't own your property outright. Even then, to let to your parents you'll need a regulated BTL mortgage which only a few lenders offer. How much rent will your parents be paying each month?
Now whilst your parents are renting your house from you, they then sign their house over to you for diddly squat? Is that right?0 -
Ad what makes you think that the developer from whom you plan to buy a new build (if I undertood) will value your parents house (for part exchange) at whatever inflated value they are currently trying to sell it?0
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