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    Over 55's Property Question..

    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?

    8 Comments

    check the terms and conditions for this kind of stuff haven't heard of this incentive before

    Likely to depend on the t&c for the scheme that offers the reduced rate & the restrictions in the lease / deeds.

    Depends on the terms and conditions of the deal

    would doubt it but as above check the t&C, ask solicitors rather than sales people though.

    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.

    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.

    ' If, we used my mother in law to purchase a property .......'
    Wow, a bargain....you got a link?:D

    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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