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Help to buy or rent?

(4 Posts)
Mummymay2 Fri 19-May-17 09:22:58

Hi, just looking for some objective input on a question my DH and I have been considering.
His parents have recently moved back to the UK from overseas and are currently renting near us. When they sell their overseas property they won't be able to afford to buy in this area. So our question is: do they continue to rent an ok but not great flat (c.£1k pcm plus bills so not cheap) or do we agree to buy a property with them, 50/50 ownership?
To do the latter we envisage that the ILs would pay us rent to cover the mortgage we would have to take out.
The advantages we see are that they have nicer place to live and property is an investment vs paying rent.
The disadvantage is general complexity of the situation and any complications if one or both has to go into a home at some point.
They are in their late 70s; DH is an only child and the beneficiary in their wills so no one else is involved.
What would you do?

fabulousathome Mon 22-May-17 21:34:48

I think it would be really kind to help them. It will be wise to draw up some kind of agreement with them via a solicitor to cover what should happen in every possible scenario in the future.

Mummymay2 Tue 23-May-17 10:33:21

Thanks for your positive reply. That was my instinct too; but I agree we need to make sure it's properly drawn up as a legal agreement.

fabulousathome Tue 23-May-17 11:04:11

It is fortunate that your DH is an only child. I think it would be much more difficult if he had siblings.

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