Over 55's Property Question.. - HotUKDeals
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Over 55's Property Question..

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Does anyone know the legality of this metaphorical situation? If, we used my mother in law to purchase a property at a reduced price for the over 55's. Is she still able to rent said property ou… Read More
Adventchild Avatar
5m, 1w agoPosted 5 months, 1 week ago
Does anyone know the legality of this metaphorical situation?

If, we used my mother in law to purchase a property at a reduced price for the over 55's.

Is she still able to rent said property out to anyone she chooses?

Thanks for the info on T&C's but is there any further information?
Adventchild Avatar
5m, 1w agoPosted 5 months, 1 week ago
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#1
check the terms and conditions for this kind of stuff haven't heard of this incentive before
#2
Likely to depend on the t&c for the scheme that offers the reduced rate & the restrictions in the lease / deeds.
#3
Depends on the terms and conditions of the deal
#4
would doubt it but as above check the t&C, ask solicitors rather than sales people though.
#5
Remember that if your mother in law buys a property to rent it out to you, she'll be liable for a higher rate of stamp duty on the purchase price - make sure you factor that in when calculating the savings.

Edited By: Delbert Grady on Dec 16, 2016 12:26
#6
Likely to be a "covenant" on the property which prevents renting to anyone younger - but it could prove very interesting should someone younger than 55 claim in a test case that such a covenant is age discriminatory.
#7
' If, we used my mother in law to purchase a property .......'
Wow, a bargain....you got a link?:D
#8
Are you talking about ones that they take back after your death? If so then possibly, depending what it says in the lease.

Would you make a profit from such a property? I cant see much profit in doing this.

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