Money money money

MerylStreep

I think the problem is sorted.
OP posted *May 2022*

Doh! Just seen this, my pearls of wisdom all wasted😁

Smileless2012

Think very carefully before getting a tenant Orange if you'll want the house back in a years time for your D as it's very difficult to get a tenant to leave, who wants to stay.

I agree. Plus you can’t let a house with all your DD’s furniture and stuff in it!
I think you’ll have to allow it, but make sure she knows it’s for one year only and then home and work and regular payments.
If you don’t mind my saying so, I think you should have had the house in your name only.

I remember when my parents said no to my request for a loan.
I'd just renewed my rail season ticket and then found a flat to move into. I needed the money for a deposit and asked if they would lend it to me until I obtained the refund on the ticket.

I think that they were quite right.

In later years they did lend me half the money for the deposit on our first half. By then my GM had died and my father had inherited everything so I knew he had plenty of money in the bank. That was paid back.

I think the problem is sorted.
OP posted May 2022

If you let the flat out out, take from the rent the amount she pays and the amount you contribute then offer her half of any money left as a contrivution to her gap year.

yes, on occasion tenants are difficult to remove but I rneted out a flat for 6 years on clear 1 year tenancy agreements and I never had a problem.

Reported

Message deleted by Gransnet. Here's a link to our Talk guidelines.

I’m with DerbyshireLass and NotSpaghetti. Best to undo the whole arrangement and both start again with a bit of profit. Let’s hope your daughter agrees as she is a joint owner.
Good luck.

I would also suggest you sell and share the profit. She may well be pleased to have some cash available. Then on her return she will automatically not be beholden to you and you will be able to retire a little sooner.
Win-win!
Good luck.

That's a great idea GSM.

Here's a third option.

Property prices have rocketed. Why not sell up, give some of
The profits to your daughter to use a deposit and then free up some capital for your retirement.

Everybody wins. Younger to retire. You daughter gets her independence and a cracking start to adult life.

I too wonder even consider a tenant.

OrangeKT

You may get more replies if you ask GNHQ to put this under a different heading (Relationships, Ask a Gran or AIBU?) as many posters might avoid News and Politics threads
?

I posted too early your daughter is giving up her job and travelling what is going to fund this arrangement. You say you are on joint tenants could she not pay you her part of the tenancy?
You and your husband have worked all your life. It is now time to get some of it back if you want to retire you should be able too. What does your husband think he obviously has an opinion.

Thank you ?

Renting out is the last thing I would consider based our experience of renting out our second home.
Tell your daughter you will have to consider putting it on the market. While she has her ‘gap year’ with the boyfriend. It might help her grow up and realise bank of mum and dad are finally closed.

Rent it out through an Estate agent they will charge but its stress free, you will get far more than the £400 use the capital if you still have one to pay of a Mortgage. I know several people who have done this.
You can do 6 months? They will advise.

I agree with Smileless. However in the circumstances that would be more the daughter’s problem in practical terms. As a joint owner she has to agree to any letting, as does the lender if you have a mortgage on the house. She may not agree. Not an arrangement anyone should ‘stumble into’. All the AC here need to grow up, learn what responsibility is and support themselves. Easier said than done I know but a good start would be saying No when they ask for money.

0rangeKT

Gransnet admin … I think I have popped this post in the wrong forum …. It’s my first attempt. Pls may you move it to chat? Thank you ?

You need to use the 'report' function. Just report your post and ask the moderators to move your thread to chat, or wherever appropriate.

No use asking in a post like this, the mods don't read threads.

Think very carefully before getting a tenant Orange if you'll want the house back in a years time for your D as it's very difficult to get a tenant to leave, who wants to stay.

The time has come for her to grow up and face reality. Time for a conversation with a firm outcome, I’d say.

Yes VR, you are right … if I was renting the property the rent wld be more. I think she was hoping for a repayment holiday. The problem is we stumbled into the arrangement without contracting properly …..

Thank you FF … it’s so hard for me to balance tough love with desire to maintain good relationship. She is my only child.

You should rent out the house for a year. You’d no doubt get more than £400 a month. - or ask if she’s going to keep up the payments whilst she’s away?

Gransnet admin … I think I have popped this post in the wrong forum …. It’s my first attempt. Pls may you move it to chat? Thank you ?

I'd tell her that I would have to let the house out, put it with a letting agent and start showing people around before she goes. Clearly she thinks she's just a tenant so that's how I'd treat her.