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Renting out my MIL's property
Comments
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Miss_Merlot wrote: »I know there is a rule that a forced sale cannot happen while a family member or co-owner is living in the house, which wouldn't apply here as you say booksurr.
But I also understood that while OH is half owner, they can't force a sale, as the value of half a house is nothing...?
Tell that to divorce lawyers :rotfl::rotfl:0 -
True! But what if OH (50% owner now and full owner when she dies) never ever chose to sell the property...?
Then how would they get deferred payment back...?0 -
Would it be a crazy idea to move into the property and pay MIL a reduced rent (50%)?0
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Miss_Merlot wrote: »True! But what if OH (50% owner now and full owner when she dies) never ever chose to sell the property...?
Then how would they get deferred payment back...?
From his estate?
Also are they joint tenants or tenants in common? You presume he becomes full owner?0 -
No thank you!
We have our own dream flat that we own - plus her place has wayyyyy too much emotional baggage!
Although I suppose we could pretend to!rexmedorum wrote: »Would it be a crazy idea to move into the property and pay MIL a reduced rent (50%)?0 -
Ah yes, from his estate, I guess - if they'd bother after (hopefully!) a good couple of decades yet!
But he'll be dead then and so won't care, and I'll be too busy grieving - plus will hopefully have made up for it money-wise with the interim rental income coming back to us again between his mum's and OH's own death.
Presuming he doesn't die any time soon!From his estate?
Also are they joint tenants or tenants in common? You presume he becomes full owner?0 -
I'm being flippant, but I am trying to do my best in a bad situation here...
MIL will be looked after, come what may.
As the mere "daughter-in-law" in this dynamic, I can only point out any pitfalls to OH in the decisions he has made regarding the house, and make sure those decisions (i.e. renting it out) are carried out in the right way with the least possible ramifications. Hence the post.
Any attempt to suggest selling now usually leads to me being well and truly slapped down (verbally speaking), so that's out for the moment - at least, coming from me.0 -
Miss_Merlot wrote: »Ah yes, from his estate, I guess - if they'd bother after (hopefully!) a good couple of decades yet!
But he'll be dead then and so won't care, and I'll be too busy grieving - plus will hopefully have made up for it money-wise with the interim rental income coming back to us again between his mum's and OH's own death.
Presuming he doesn't die any time soon!
Charge on the property. Property sold to settle the estate, charge gets paid. It's not a case of bothering.
But this is important. What stake does he actually have in your MILs property?0 -
TBH...its all speculation until such time as the property needs to be sold.
There are far to many different scenarios which could happen and for the time being I think you have covered the essentials well.
The house may never need to be sold.
From what I read at the moment MIL is able to fund her living without the need to sell....
It becomes a whole new ball game should she need residential or nursing care but I guess you may have a plan for that which also may not involve selling the house.
Ive been through this whole process from end to end and its not always the case that a property needs selling....its always easier to deplete liquid assets such as money in savings before selling property.
The type of illness that MIL has doesnt even have a particular pattern to it either....so there are no set timescales of what care she will need when...so live each segment as it comes and deal with it accordingly.frugal October...£41.82 of £40 food shopping spend for the 2 of us!
2017 toiletries challenge 179 out 145 in ...£18.64 spend0 -
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