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Purchasing multigenerational property, how to structure.
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Has something given you the idea it's discretionary? They're required to refund it in the same way that you're required to pay tax.
Well I've been hounded in the past by HMRC for tax owed and charged daily interest while I tried to fight them on it whilst my wife has been sent a wad of letters explaining they've found she's owed a tax refund ranging from 10 to 18 years previous with no mention of interest or even apology. So yeah not super confident on HMRC timely giving back what they've managed to carve out.0 -
The parents don't have a mortage. Or do you mean their loan to us? So parents loan us a huge amount, which we use to purchase, porting the mortgage as well, and parents have a 2nd charge against the property with us owing them? Sounds like it could work.
Yes had thought about this after reading about applying for refund. It might have to be the way but would be very nervous about HRMC holding an extra £40k on the hope they agree to refund.
I did mean their loan to you.
At least you know that hmrc won't go bankrupt or run off with your money!I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Before you go rushing into sorting out the financial issues you need to give some thought to potential future problems of sharing a home with your in-laws.
What happens if any one of you passes away unexpectedly and the remaining partner then meets someone else and wants to remarry? You could potentially end up sharing your home with someone you dislike!
Or, what if one of the relationships breaks down? What will happen in the event of a divorce? It may seem unlikely to you now but it certainly does happen.
What if you lose your job or become unable to work, who would pay the mortgage then?
Lots of things to think about, not just the financial aspects.0
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