Renting the family home to my children. (hypothetically)

Renting the family home to my children. (hypothetically)

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Slyjoe

Original Poster:

1,507 posts

212 months

Wednesday 1st May
quotequote all
Is there anything untoward about this? (Apart from morally smile )

After losing my wife and dad to cancer three years ago, the mortgage is about to be paid off, I have a new partner with her own house,

I was never able to save much into my pension with a poorly wife and 4 kids, I'm 53 now, so need an income soon, I've worked some contracts, but have run out of enthusiasm for work right now, and have found a new enthusiasm for travel before we are too old to enjoy it.

Is there anything dodgy about letting my children live here, pay housekeeping amounting to what I could rent the home to strangers for, even if they rented a room to a buddy to make up a shortfall
I'd keep this as my address, and keep the cars and van here, but effectively have a good long sleepover at my partners.

Countdown

40,080 posts

197 months

Thursday 2nd May
quotequote all
I think you'd need to complete a tax return to declare the income, but you might benefit from the rent a room exemption

Slyjoe

Original Poster:

1,507 posts

212 months

Thursday 2nd May
quotequote all
Thank you, that was some of the information I was hoping for, it's worth about £1800 pcm on the open market.