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Ways to buy
Comments
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I think the yield is £8000 pa. If he purchased a BTL he would not be able to live in it would he? He has been looking at property about £160000 - £200000
His owned property is worth £450000 - £5000000 -
He needs cash to buy a house, so if he doesn't have it already, can't persuade someone such as bank or building society to lend it to him, and can't or won't sell anything he currently owns to raise it, this plan ain't gonna happen.0
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His children couldn't afford to buy the property but could he sell half the property to one of his children? So if stupid question0
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First World problems.Been away for a while.0
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Running_Horse wrote: »First World problems.
Well, given the OP lives in the first world, and has a problem; what else did you expect?0 -
The OP doesn't appear to have any problems. It's some bloke he knows who has the problem.ReadingTim wrote: »Well, given the OP lives in the first world, and has a problem; what else did you expect?0 -
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ReadingTim wrote: »Good point. Suspect that bloke also lives in the first world though.
Brexit's round the corner, so he might not be soon.
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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.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.
Why does he want to lumber his grandchildren with the house?
As davidmcn says - it's unlikely that they will all want to become LLs and it could well cause no end of trouble between them.
He needs to be practical, not sentimental!0
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