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Holiday let with Family - working out details

(3 Posts)
CircassianLeyla Wed 21-Aug-13 13:06:20

Just a bit of background. We have a holiday home that was an inheritance from GPs years ago. Currently my parents use it the most (my dad for 3 months of the year, he is the original recipient). They also pay for the upkeep and maintenance etc.

It is owned on paper by 4 grandchildren (my dad basically signing it over to us but retaining rights to use). We are all adults.

The idea is that we would market it from here with a website/word of mouth recommendation etc. What we need to ensure is that everyone is represented fairly.

I am thinking that we should set up a small company with two accounts, one for a sort of service charge pot that we all contribute to (we had a flood last year that resulted in repairs which to date my parents have paid for). The other account would be for money taken from bookings. Then each year or every 6 months to have a small meeting where we go through the accounts and everyone gets their share of any profits (there may be none, it may be that this covers upkeep).

How would you suggest we spilt it if the "workload" if we can call it that is split as follows?

Dad - would be there on the ground, dealing with repairs, paperwork, official things.

Owner 1 (me) - happy to deal with admin side and chip in when I am there (every other year for between 2-6 wks), cleaning, changing sheets etc.

Owner 2 - has various health issues so would only be contributing money for up keep (I am guessing a sort of service charge).

Owner 3 - at present uses once a year for a week or two with friends. She has a busy job and not sure she could contirbute time, but could contribute to servcie charge fund and cleaning etc when there.

Owner 4 - uses for two weeks every year/every other year usually when we go. Probably would have some time to help with admin and would help out when there.

We can let it locally but this involves no guarantee and touting for guests etc and none of us is really up for that.

I don't want us to fall out over this house so want to get it right and above board from the outset.

CircassianLeyla Wed 21-Aug-13 13:07:48

I should say sorry, that it is a villa with two three bedroomed self contained units so dad and us can all still use it whilst renting ground floor.

Alwayscheerful Tue 29-Oct-13 08:16:58

Did your dad sign it over using a deed of variation or sign it over later as a gift for inheritance tax purposes, if so it could be seen as a gift with reservation.

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