Buying house for CASH from Son-Letting it out to His ex-Subsidized rent.

babyblade41

I know you may want to help but your best way of helping both parties is don't .

It is fraught with complex problems that will create  bad relations further on down the line. 

IMO it would be best to let them sort it out between them and the ex needs some legal assistance as well if she is going to be the main carer of the children 

blindman

gwynlas said:

Would you be happy if his ex met somebody further down the line and wanted to move them in?

Yes.

blindman

Comms69 said:

Lover_of_Lycra said:

blindman said:

Things would be formalised.
Thanks for the bit about deprivation of assets.
Hopefully a long way off that scenario.

Sorry what is SDLT?

Know about CGT

Cheers

Stamp Duty Land Tax.

If you're buying the property from both of them and then letting the property to the ex this could be in the realm of sale-and-rent-back which is regulated by the FCA.

As well as issues with the type of tenancy created 

This is the info I am looking for.
As far as I am concerned it is purely a financial deal which suits all.

She gets a rental property, son gets his share (and moves out of my housr)

I get a pension investment.

Property will be in wife's name,all rental income is hers 

My wife has no income for the next two years 

Comms69

blindman said:

Comms69 said:

Lover_of_Lycra said:

blindman said:

Things would be formalised.
Thanks for the bit about deprivation of assets.
Hopefully a long way off that scenario.

Sorry what is SDLT?

Know about CGT

Cheers

Stamp Duty Land Tax.

If you're buying the property from both of them and then letting the property to the ex this could be in the realm of sale-and-rent-back which is regulated by the FCA.

As well as issues with the type of tenancy created 

This is the info I am looking for.
As far as I am concerned it is purely a financial deal which suits all.

She gets a rental property, son gets his share (and moves out of my housr)

I get a pension investment.

Property will be in wife's name,all rental income is hers 

My wife has no income for the next two years 

Does the ex though??

blindman

Just to be clear 

We are all good friends.
The kids are our Grandkids...

I know things can change.

Socajam

gwynlas said:

Would you be happy if his ex met somebody further down the line and wanted to move them in?

Thanks for asking this question, this was the first thought that came to my mind.

[Deleted User]

blindman said:

Just to be clear 

We are all good friends.
The kids are our Grandkids...

I know things can change.

If she is on benefits now or in the future it is highly unlikely she would receive benefits to pay the rent.

pramsay13

What are the actual figures?

greatcrested

blindman said:

Comms69 said:

Lover_of_Lycra said:

blindman said:

Things would be formalised.
Thanks for the bit about deprivation of assets.
Hopefully a long way off that scenario.

Sorry what is SDLT?

Know about CGT

Cheers

Stamp Duty Land Tax.

If you're buying the property from both of them and then letting the property to the ex this could be in the realm of sale-and-rent-back which is regulated by the FCA.

As well as issues with the type of tenancy created 

This is the info I am looking for.
As far as I am concerned it is purely a financial deal which suits all.

She gets a rental property, son gets his share (and moves out of my housr)

I get a pension investment.

Property will be in wife's name,all rental income is hers 

My wife has no income for the next two years 

Umm... please explain.I thought you started by saying

House is 4 miles from e if that's relevant.
I own my own home which is mortgage free.
So my plan is to:
BUY in CASH their home.
Give son his share.
Allow his Ex + kids to live there.
They pay me rent (reduced for Friends and Family ) )

So who is buying this house?

If she is on benefits now or in the future it is highly unlikely she would receive benefits to pay the rent.

Indeed. Especially since "They pay me rent (reduced for Friends and Family )

onwards&upwards

Your desire to help is admirable, but I have to agree with everybody else that this is a bad idea. 

Are your son and his ex married?  

If not, and they are as amicable as you say, would they consider continuing to jointly own the house?  They could go to a solicitor to get an agreement drawn up about what will happen in the future regarding sales proceeds etc.  They could both pay 50% of the mortgage and any structural or major repairs, but the ex pays all the running costs and minor repairs and your son of course will pay child support.  Then the kids don't have to move school etc. and they can reassess the situation should anything change at any point in the future.