Renting my Property to my Son

[pinkjudy45]

I have a house I rent out,I thought it might be a good idea to put this house in joint name with my only son and then let him rent from me, so that should anything happen to me there would be no argument with my new husband and his son about the owner etc.

[dotty.]

what about your existing tenants, they won't just move. Does your son have sufficient income to pay you rent? Why have you not made a will?

[merciasounds]

Renting the property from you is no proof of ownership, if you want to leave the place to your son, then do just that - anything else could be interpreted other ways and your son could end up loosing out.

[bednobs]

if the house is going to be half his, why would he pay rent?

[dotty.]

it's also worrying that you mention a new husband but are already thinking of going behind his back

[daffy654]

I'm not sure any tenancy agreement with your son would be legally binding if you put his name on the deeds as well.
I would get a will written naming your son as the sole beneficiary to the house.

[pinkjudy45]

Thanks for all the answers, the existing tenants are about to leave hence this question and yes he can afford to rent it as he already rents' elsewhere, and I use the rental income to help pay my bills I thought he could rent it a bit cheaper than he is already paying and I still get an income and it keeps the money in the family and not paying 15% to an agent and then when I die he will already own half, which will make my wishes in my will easier to understand. I am not going behind my husbands back as this house was mine and my previous husbands house before I met my second husband.

[dotty.]

but how can he pay rent to you if he owns half? Do you mean he would pay half the mortgage?

[pinkjudy45]

Hello Dotty, I do not have a mortgage on this house