A lovely, lovely friend of mine has very generously offered to buy a house for me, DP, and kids and has suggested that we rent it until she dies at which point we will inherit it from her. I've heard lots of horror stories about renting from friends and I really, really don't want anything to ruin our friendship. Instead, I've suggested that she lends us the money to buy the house outright and we then pay her back over the course of a couple of decades (so like a mortgage). That way she wouldn't be our landlady and wouldn't be responsible if anything went wrong, plus we would outright own it whilst she got a steady income back.
I've told her to consult a financial advisor as I don't want her getting into a bad situation if we misjudge anything.
So is this a really bad idea? Is it even legal? We would get a huge tax bill for borrowing such a large amount from a friend? Is there a third way which I'm missing?
Thanks in advance
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Buying a house?
2 replies
99percentchocolate · 19/09/2016 16:19
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