I can understand the part of your question about the transfer and the renovation but don’t understand the part about the loan and repayment. Can you please explain that a little better and also tell me exactly why the parents were doing this why they are now not doing it? Thanks.
This seems remarkably odd.
I can understand the payment of rent.
I can understand the repayment of the loan.
What I cannot understand is the repayment of the loan as rent.
What concerns me and concerns you I am sure is the dispute between husband and parents.
If the property is worth £500 per month rent, and provided you have a proper tenancy agreement, that it would appear to be cheaper than renting privately particularly of a chunk of the rent is being paid off the loan. However, I would want defining exactly how much is going off the loan and how much is paid as rent. I don’t like the one chunk of money to cover all eventualities.
I would also want a formal Assured Short hold Tenancy for a decent period of time. Although the minimum period is 6 months, it can be for any period although of longer than 5 years it must be by formal deed. Provided you comply with the provisions of the tenancy agreement and you pay the rent on time, you would be entitled to stay until the end of the term although you may want a provision whereby you have the option to purchase the property you may want to provision for you to be able to give notice during the term.
I don’t know why your husband got a loan to renovate a property which didn’t belong to him and why he is now being asked to repay that loan.
Can I clarify anything for you?
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