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LondonlawyerJ
LondonlawyerJ, Advocate
Category: Law
Satisfied Customers: 814
Experience:  Solicitor with over 15 years experience.
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HiMy parents and I would like to house swop. Smaller house

Resolved Question:

Hi
My parents and I would like to house swop. Smaller house for
Them larger for us. We still owe a small mortgage on ours they are
Mortgage free. Can they live in our house and pay the bills and we pay the mortgage and bills I their house. We are not changing deeds at the moment. Would they have to pay rent or not.
Thanks
Rach
Submitted: 2 years ago.
Category: Law
Expert:  LondonlawyerJ replied 2 years ago.
Hello, I am a solicitor with 20 years experience. I will try to answer this for you.
There is no reason in law why you can not agree to live in each other's houses. You could agree to be each other's tenants but this is not a legal requirement. ie you do not have to pay rent to each other unless you decide to.
Customer: replied 2 years ago.
Thank you. What if we changed the deeds and I had my inheritance early. My house would become theirs and they would like to put in the names of my brother and sister now. Would they have to pay rent to my brother and sister of living in a house that does not belong to them. Thanks.
Expert:  LondonlawyerJ replied 2 years ago.
They would not have to unless they and the new owners wanted it to be a tenancy. There are no legal restrictions on letting people live in one's house.
LondonlawyerJ and other Law Specialists are ready to help you
Customer: replied 2 years ago.

Hi

Thank you finally if the house is in the name of my sisters and my parents live in it rent free what happens upon death and we wish to sell the house, would we have to pay capital gains tax. or is their any tax that has to be paid whilst parents are living there rent free.

Thanks

Expert:  LondonlawyerJ replied 2 years ago.
I am not an expert on tax but I don't think that the presence of the parents would have much effect on tax liabilities.