Property advice needed

[Christopha]

It's your Mothers property, you have been sponging off her for 17 years, either pay the full market value to the lady or pisss off and buy your own somewhere else with all of the money you must have saved and let her enjoy HER investment!

[dazzler]

Hey .....lets all sing together....

Who lives in a pineapple under the sea?

SpongeBob SquarePants!

Absorbant and yellow and porous is he!

SpongeBob SquarePants!

If nautical nonsense be something you wish!

SpongeBob SquarePants!

Then drop on the deck and flop like a fish!

SpongeBob SquarePants!

Ready?

SpongeBob SquarePants, SpongeBob SquarePants,
SpongeBob SquarePants!

SpongeBob SquarePaaaaannttss!!!

:mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad:
:mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad: :mad:

[boban]

Where is the problem.

Your mum needs an income and you are living in her house rent free.

Is it me or is this not so obvious. Pay her rent or offer to have her finance your purchase from her. That is you make the repayments to her instead of the bank.

[havenoideaatall]

Where is the problem.

Your mum needs an income and you are living in her house rent free.

Is it me or is this not so obvious. Pay her rent or offer to have her finance your purchase from her. That is you make the repayments to her instead of the bank.

I'm in agreement - she is entitled to an income of sorts from it - she may have willed it to you but circumstances change.

The best way is to raise a mortgage on it for her income. Or, if you legally and contractually paid her over a period of time, the time she is alive, not only would she get an income, you'd pay no interest, and you might not do this over 30 years, and still end up owning probably.

[bitingmidge]

- she may have willed it to you but circumstances change.

Yeah, like she didn't die!

I'm 100% with Christopha here.

Pay her what it's worth, rent it for what it's worth, or go and buy a place of your own.

Waiting for your parent to die is not sound financial planning.

I hope one day your kids get to repay your favour!

P

[Gra]

Have a lawer write up a contract, where you buy the house from your mum, your mum loans you the "cash". You make your repayments to her instead of the bank. For tax reasons the loan will need to be a "Market Rates".

This will give you your house and your mum an income stream. This will also lessen your brothers claim on the house when she does die.

The tax implications to your mum will need to be explained by an investment advisor

That is my personal opinion, I have no legal basis for this advise and if you act upon it I except no legal responsibility (and the rest of the legal disclaimers)

Sounds like a win, win to me

[seriph1]

the issue will arise at estate distribution time - and by the looks of this debacle it WILL arise