This is becoming very popular due to the cost and shortage of property so more and more multiple generations are sharing houses.
Somebody I know always planned to leave their house to their youngest, where the other siblings have bought their own houses. They agreed to move into an added granny annex and allow them, their partner and children to take over the current mortgage with an increase in size to cover the cost of the annex. An agreement between all parties was drawn up by a solicitor, so they had a lifelong tenancy agreement. All documents were signed, the transfer made and then just on the point of moving in, the sibling and partner split up! One half moved on and has a new partner the other one can't afford the mortgage payments due to their reduced financial means.
The parents have now had to sell the house, where they are retired and suffer from ill health and can't afford the bigger mortgage payments, where the house no longer belongs to them in theory they could come out of this with nothing!
The parents plan was full of good intentions and they have fallen flat on their faces. There is an important lesson here, the road to ruin can be paved with good intentions!
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Topic: House sharing... (Read 1210 times)