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What to do now?
msy
Posts: 9 Forumite
We have been living in-laws house paying below market rent while saving up for deposit. Now we found a house, waiting to exchange & completion then move to new house.
In-laws live abroad, will not be back soon because of a legal issue there. We told our intention recently but they were surprised to know we will be leaving in a month or two. They insist us to be in their house at least a year while they will be sorting legal issue overseas. At one point offered us even rent free just to pay council tax & bills. They are not ready to let the house in open market or keep it empty. No other relatives available to occupy the house.
The house we are buying can't afford to loose. We are very close to finish the deal . Also don't want to let down the seller. After a year the housing market will go where nobody knows and job security very slim. So in a nutshell we want to buy the house now.
If we buy the house we don't want to leave it unoccupied also can't let it as mortgage is residential not buy to let. The distance between 2 houses is 15 miles, around 45 mins journey.
Can I live there on weekends and 1 or 2 weekdays to satisfy the home insurance policy? Also take a lodger if mortgage allows? Just thinking to maintain 2 houses for a year as we don't want to let down our in-laws, big portion of deposit saved up because of their help. Financially we can afford to maintain 2 houses at the same time.
Thanks a lot and any advice will be very welcome.
In-laws live abroad, will not be back soon because of a legal issue there. We told our intention recently but they were surprised to know we will be leaving in a month or two. They insist us to be in their house at least a year while they will be sorting legal issue overseas. At one point offered us even rent free just to pay council tax & bills. They are not ready to let the house in open market or keep it empty. No other relatives available to occupy the house.
The house we are buying can't afford to loose. We are very close to finish the deal . Also don't want to let down the seller. After a year the housing market will go where nobody knows and job security very slim. So in a nutshell we want to buy the house now.
If we buy the house we don't want to leave it unoccupied also can't let it as mortgage is residential not buy to let. The distance between 2 houses is 15 miles, around 45 mins journey.
Can I live there on weekends and 1 or 2 weekdays to satisfy the home insurance policy? Also take a lodger if mortgage allows? Just thinking to maintain 2 houses for a year as we don't want to let down our in-laws, big portion of deposit saved up because of their help. Financially we can afford to maintain 2 houses at the same time.
Thanks a lot and any advice will be very welcome.
0
Comments
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Seems like the obvious solution is to split your time between the two places, with one person "officially" living in each for CT etc.0
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This ^^^^^^^
Sounds like the perfect solution. When I was looking at my house insurance policy yesterday, it covers as long as the house isn't left unoccupied for more than 60 days. And as Adrian says, have one house each as your official property.Father Ted: Now concentrate this time, Dougal. These
(he points to some plastic cows on the table) are very small; those (pointing at some cows out of the window) are far away...
:D:D0
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