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propertylawyer, Solicitor
Category: Property Law
Satisfied Customers: 288
Experience:  Property solicitor with expertise in commercial and residential property transactions.
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I am buying a second home with no mortgage on it. This

Customer Question

I am buying a second home for cash with no mortgage on it.
This residence will be used for my son and his family to live in.
I also have my main residence which my wife and i live in it has a remortgage on it.
If my son gives me money to live in the house, is it taxable?
If so do i need a rental agreement?
Do i need specialist advice?
Submitted: 1 year ago.
Category: Property Law
Expert:  propertylawyer replied 1 year ago.

Hi Gary

To answer the first question, if you receive money (rent) then you will have to declare it. It is taxable income.

You would be wise to setup a tenancy agreement, just in case. If your Don and his partner/wife were to split up the wife would not be acquiring any proprietary interest. You need to set up an assured shorthold tenancy agreement.

I hope this helps.

Do you have any further questions or queries?

Happy to help further.

Expert:  propertylawyer replied 1 year ago.

Hi Gary

Did this help. Happy to help further.

If you do not require further help can I please ask you to accept /positive rate my assistance so that I receive credit. Thanks.