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Rent to Buy - personal relationship

  • 03-10-2012 4:11pm
    #1
    rightoldpickle
    Closed Accounts Posts: 119 ✭✭


    I had posted on the back of another thread but thought I would give more detail on a new thread if I was to get any info / advice

    My husband and I are looking to rent out our own home and rent my old family home. It is currently vacant and it would be the idea that if the owner wished to move back in they could share with us. (They are elderly)
    We were thinking of a possible rent to buy option. With a 5 year plan. Is this even an option.
    We would be renting our own house out to the local authorities for the 4/6 years they offer.

    Has anyone done / considered anything like this? Is it a bad idea right off the bat, given that family are involved. I dont want to go stepping on anyones toes but with family you would never know.

    Would a solicitor put in provisos that would take every conceivable possibility into consideration, such as death, wills etc

    At the moment, if the owner were to pass away I know that it is willed between her children. I would hope that by the time this happens, after the 5 years that we would be in a position to sell our own house and buy this one?
    Any advice?


Comments

  • #2
    spockety
    Moderators, Education Moderators Posts: 5,558 Mod ✭✭✭✭spockety


    What do the other children think of this plan?

    They might have their own ideas...


  • #3
    rightoldpickle
    Closed Accounts Posts: 119 ✭✭rightoldpickle


    spockety wrote: »
    What do the other children think of this plan?

    They might have their own ideas...

    I know for now they have no interest in the property as a residence. And I cannot see that changing in the future.

    Before I speak with them I would like to have a clear idea of where we all stand. Who could I speak to about this? An estate agent? A solicitor?


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