I am considering buying a property with a regulated tenancy. It is occupied by one person who is getting on in age. As I understand it once the tenant is no longer living there, either by going into residential care or moving or passing away, the property becomes mine to do with as I wish. Is there anyway that some one not presently living there can claim to take over the tenancy, such as a relative or friend who moves in to care for the elderly person or just another family member.
Also if I purchase the property in the name of one of my children does this create problems with HMRC?
Many thanks Peter
Thanks for your email Peter which I have published as requested. I did a Google search on the word regulated tenancy and found a PDF?explanation?document produced by ?Communities and Local Government which you may find useful ? see >>>?http://www.communities.gov.uk/documents/housing/pdf/138295.pdf
My advice is:-
- Be wary of financial advice on forums, there will be a variety of opinions, some of which may be right and others may be wrong. Always seek professional advice. Forums are great to get a good idea of what questions you should be asking but advice offered by readers (particularly financial advice) should be read as ?opinions of friends? and should not be relied upon.
- There are many form of regulated tenancy, find out exactly what you are dealing with.
- If you buy the property in the name of your children this may create a potentially exempt transfer. The gift could attract inheritance tax of up to 40% if you die within the next seven years. Please consult a tax adviser. If you would like me to refer you to the person I use please email your contact details to mark@property118.com
- We are not aware of any lenders who will provide finance on properties with regulated tenancies. Peter may not require finance but if any readers are aware of lenders offering terms we would be very interested to know about them.
Question from Editor Regarding Properties with a Regulated Tenancy
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How much discount would you expect to receive on a property with a regulated tenant vs an identical property with vacant?possession?
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Would the expected discount vary depending on the age of the tenant?
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If you have a questions relating to being a landlord or property investment/development (e.g. finance, tax, legal etc) that you would like us to consider posting onto the property118 website please email?editor@property118.com
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Source: http://www.property118.com/index.php/buying-a-property-with-a-regulated-tenancy/31364/
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