rockinrev Posted July 19, 2013 Share Posted July 19, 2013 my question is ,is it illegal to not take a deposit or use a depos scheme if you choose to rent a house out to your son or daughter? will the rules still apply? im thinking of buying a house (cash) and my son will rent it off me . also can i set the amount of rent i wish him to pay ? maybe just a ppepercorn rent . Quote Link to comment Share on other sites More sharing options...
Wurzel Of Highbridge Posted July 19, 2013 Share Posted July 19, 2013 Don't be so tight, just gift them the house, let them live in it free and give them a boost in life. Are you a boomer? Quote Link to comment Share on other sites More sharing options...
rockinrev Posted July 19, 2013 Author Share Posted July 19, 2013 my question is ,is it illegal to not take a deposit or use a depos scheme if you choose to rent a house out to your son or daughter? will the rules still apply? im thinking of buying a house (cash) and my son will rent it off me . also can i set the amount of rent i wish him to pay ? maybe just a ppepercorn rent . thats not really an answer Quote Link to comment Share on other sites More sharing options...
wherebee Posted July 19, 2013 Share Posted July 19, 2013 thats not really an answer to answer your question: no, it's not illegal but you have to sleep with your sons girlfriend every other thursday. hope that helps. Quote Link to comment Share on other sites More sharing options...
porca misèria Posted July 20, 2013 Share Posted July 20, 2013 to answer your question: no, it's not illegal but you have to sleep with your sons girlfriend every other thursday. The pretty one, or the ... oh, right. Quote Link to comment Share on other sites More sharing options...
Damocles Posted July 20, 2013 Share Posted July 20, 2013 There is no legal requirement to take a deposit when you rent property. If you take a deposit and the tenancy is an assured shorthold tenancy you must comply with the legal requirements. Failure to do so is not a crime, but renders you liable to a money claim by the tenant. There is no minimum rent you have to charge. You should check the tax position. Relief may not be available for repairs or mortgage interest if you charge no rent. Housing benefit is not likely to be available if you charge rent. Think carefully about what you want to do and discuss it with your lawyer before you do it. Quote Link to comment Share on other sites More sharing options...
rockinrev Posted July 21, 2013 Author Share Posted July 21, 2013 THANKS DEMOCLES my thinking is to buy a house for my son (he has a place then for my grand children) i would not need a deposit and any rent would`nt be enough to worry the tax man .last thing i want would be to get chased from the taxman ;-) Quote Link to comment Share on other sites More sharing options...
porca misèria Posted July 21, 2013 Share Posted July 21, 2013 THANKS DEMOCLES my thinking is to buy a house for my son (he has a place then for my grand children) i would not need a deposit and any rent would`nt be enough to worry the tax man .last thing i want would be to get chased from the taxman ;-) Erm, rent of £1 would be enough to concern the taxman (maybe you meant a literal peppercorn)? The tax-exemption is for renting out a room in your own house. Within a family there might be other workarounds to keep the taxman at bay (like, you underwrite a mortgage). No idea if any such thing might work for you. (Free houses. Gah. How the other half live. Isn't it supposed to be a dowry for daughters and an inheritance for sons? ) Quote Link to comment Share on other sites More sharing options...
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