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Ways to buy
Thecrazy1
Posts: 62 Forumite
Hi, I am looking for some advice as there is so much info everywhere that is confusing.
72 year old man owns a house with his wife and a second home, which was his mother's, left to him in 1996, and this he rents out. He no longer lives with his wife and rents a property. However, he now wants to buy a little flat. The obvious solution is to sell his mother's house, but he wants to keep it and continue to rent it so eventually his grandchildren will inherit it.
Is there any way he can buy a flat of his own without selling?
Thanks
72 year old man owns a house with his wife and a second home, which was his mother's, left to him in 1996, and this he rents out. He no longer lives with his wife and rents a property. However, he now wants to buy a little flat. The obvious solution is to sell his mother's house, but he wants to keep it and continue to rent it so eventually his grandchildren will inherit it.
Is there any way he can buy a flat of his own without selling?
Thanks
0
Comments
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Sell the other house.0
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The one his wife lives in?
Selling is not really an option. Looking for other options.0 -
Why does he need to buy? Renting gives him flexibility and he still has the investment.0
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Sell his half of the marital home to his wife?
Evict his tenants and live there?0 -
The one his wife lives in?
Selling is not really an option. Looking for other options.
If he has no money unless a very good income there won't be borrowing available.
How many houses do the kids need to inherit?
If he buys another one there will be 3?
Perhaps they [STRIKE]should[/STRIKE] could contribute to help create these house to inherit.0 -
Due to health reasons he has moved down to the coast. So could not live in the tenanted house. His wife 74 would surely not be able to get a mortgage.
I suppose he is looking to find out if there is a way to continue renting to tenant, which would be classed a business, and either release money or borrow in order to purchase his own property.0 -
The rental from the house currently pays for his rent and the property has increased in value. I think for him it is a comfort knowing if anything happened and he had to go into a home he would have something to sell.
It does make sense to sell the rented house but he won't do that. He does have some savings though.0 -
Unless he's got the cash to buy a flat outright, it's not going to happen.0
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how big is the house the wife is in, could she downsize release equity.
ad some BTL equity on the rental.
Would that be enough to purchase?
What is the gross yield on the rental?0 -
Do his grandchildren want to inherit it? They may well not want to become landlords at all, never mind jointly with their siblings/cousins, especially if it means they lose first-time buyer status and/or have to pay additional SDLT for other properties they buy.he wants to keep it and continue to rent it so eventually his grandchildren will inherit it.0
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