Buying a house for parents to live in ..

Tiglet2

steampowered said:

You could gift the £100k to your parents. That way it will be only their name on the deeds so there will be no stamp duty problem.

At the same time, your parents can write a will saying that 2/3 of the property gets left to you when they die, and 1/3 gets split with your brother. So you will ultimately get your £100k back.

What if the parents have to go into a care home later on and the property has to be sold to pay for their care?  OP wouldn't get their gift back in that scenario.

MaryNB

Grumpelstiltskin said:

What I would do is firstly don't panic and then ask the landlord to issue them with notice to quit in writing and see what they come up with.

I guess they live in either England or Wales as the law does vary in other parts of the UK.

When you have the notice in your possession come back on here and the good posters will advise you if it has been issued correctly and what the next step is.

By doing this you are buying time, time in which you can decide the best way forward.

I wouldn't ask them for the formal notice. It's up to the agency and landlord's family to figure that out. Why would her parents speed up the process?

macman

If the LL is not aware of the 6m notice requirement then it is also likely that the tenancy is not regularised anyway. Which means that, if/when a S21 is finally served, you wait the 6m and then dispute it in court. Judge will dismiss it immediately and then the LL must serve again and wait another 6m. Rinse and repeat.
It'll probably take 18m to 2 years or more with this sort of amateur iLL ncompetency.
And, of course, when potential buyers come for viewings, you only have to mention that you will not be moving out until a possession order is obtained, unless sold with sitting tenants, and their interest will evaporate.

Grumpelstiltskin

MaryNB said:

Grumpelstiltskin said:

What I would do is firstly don't panic and then ask the landlord to issue them with notice to quit in writing and see what they come up with.

I guess they live in either England or Wales as the law does vary in other parts of the UK.

When you have the notice in your possession come back on here and the good posters will advise you if it has been issued correctly and what the next step is.

By doing this you are buying time, time in which you can decide the best way forward.

I wouldn't ask them for the formal notice. It's up to the agency and landlord's family to figure that out. Why would her parents speed up the process?

I said that because at least they would have some evidence of the landlord wanting them out at the moment they have nothing only what has been said.

Tiglet2

CarolynSinclair said:

Bit of a dilemma. Inlaws have been happily renting a bungalow. It’s sadly now being sold. Getting alternative rental bungalow for (elderly) inlaws is proving impossible. We had a thought to club together and buy it. Inlaws putting in £50K (cash) thats their top spend and us £100k through mortgage or trying to raise funds through cashing in pension/increasing our existing mortgage.  Has anyone done this. Will it be classed as our second home for tax implications even if we don’t live there? How do we stop other sibling claiming half the money of our share when finally sold ..... Thank you for any advise. 

OP, how long have your parents been renting the bungalow?

CarolynSinclair

MaryNB said:

CarolynSinclair said:

MaryNB said:

CarolynSinclair said:

As the official owner has died, the family want to sell it. I hadn’t thought of it being sold ‘with tenants’ that gives a bit of hope. The agent has just informed me of the situation, and said there’s no initial rush, 3 months flexible. I asked for no letter of intent until next week as we only broke the news to them yesterday, and didn’t want them alerted without being told in person. 

What do they mean by three months flexible? If it's in England, Wales or Scotland it's a 6 month notice to end the tenancy. I think Northern Ireland is 12 weeks. 

I had no idea, I just said how long will we have and they said around 3 months but the family will be flexible!

I guess they're chancing their arm in the hope your parents won't be aware of the Covid related changes to notice periods (pre covid notice was 2 months in England) and will find somewhere asap and give notice themselves. Obviously the 6 months is irrelevant if your parents give notice.

The agency or family will need to issue a proper notice and meet certain requirements. If it is England and Wales look online for an S21 Notice checklist to see all the things they need to do to ensure the notice is valid. 

Give you and you parents some breathing space, don't rush out in 3 months, you've got lots more time. After the 6 months the agency/family then have to apply to the court for an eviction - it's not a notice to evict it's a notice to end the tenancy.

6 months makes a huge difference tbh, and is a big relief to us too, I think headless chicken mode too over! 

CarolynSinclair

Grumpelstiltskin said:

What I would do is firstly don't panic and then ask the landlord to issue them with notice to quit in writing and see what they come up with.

I guess they live in either England or Wales as the law does vary in other parts of the UK.

When you have the notice in your possession come back on here and the good posters will advise you if it has been issued correctly and what the next step is.

By doing this you are buying time, time in which you can decide the best way forward.

Great idea, thank you 

CarolynSinclair

Tiglet2 said:

CarolynSinclair said:

Bit of a dilemma. Inlaws have been happily renting a bungalow. It’s sadly now being sold. Getting alternative rental bungalow for (elderly) inlaws is proving impossible. We had a thought to club together and buy it. Inlaws putting in £50K (cash) thats their top spend and us £100k through mortgage or trying to raise funds through cashing in pension/increasing our existing mortgage.  Has anyone done this. Will it be classed as our second home for tax implications even if we don’t live there? How do we stop other sibling claiming half the money of our share when finally sold ..... Thank you for any advise. 

OP, how long have your parents been renting the bungalow?

2 and a half years 

GDB2222

CarolynSinclair said:

Tiglet2 said:

CarolynSinclair said:

Bit of a dilemma. Inlaws have been happily renting a bungalow. It’s sadly now being sold. Getting alternative rental bungalow for (elderly) inlaws is proving impossible. We had a thought to club together and buy it. Inlaws putting in £50K (cash) thats their top spend and us £100k through mortgage or trying to raise funds through cashing in pension/increasing our existing mortgage.  Has anyone done this. Will it be classed as our second home for tax implications even if we don’t live there? How do we stop other sibling claiming half the money of our share when finally sold ..... Thank you for any advise. 

OP, how long have your parents been renting the bungalow?

2 and a half years 

Can I ask how old they are, and whether they would like to stay where they are?

Also, how robust are they mentally? It’s all very good to say that they can possibly win a court case, but that’s all rather stressful. It’s okay for a 30 year old, but less so for someone in their 80s.

CarolynSinclair

GDB2222 said:

CarolynSinclair said:

Tiglet2 said:

CarolynSinclair said:

Bit of a dilemma. Inlaws have been happily renting a bungalow. It’s sadly now being sold. Getting alternative rental bungalow for (elderly) inlaws is proving impossible. We had a thought to club together and buy it. Inlaws putting in £50K (cash) thats their top spend and us £100k through mortgage or trying to raise funds through cashing in pension/increasing our existing mortgage.  Has anyone done this. Will it be classed as our second home for tax implications even if we don’t live there? How do we stop other sibling claiming half the money of our share when finally sold ..... Thank you for any advise. 

OP, how long have your parents been renting the bungalow?

2 and a half years 

Can I ask how old they are, and whether they would like to stay where they are?

Also, how robust are they mentally? It’s all very good to say that they can possibly win a court case, but that’s all rather stressful. It’s okay for a 30 year old, but less so for someone in their 80s.

They are late 80’s. Would love to stay there, but we would not put them through any stress, and the I don’t want any either!