Q: Apologies if this is the wrong parents section.

My themselves a large detached house converted into a house which comprises 2 apartments. They have no mortgage, but need to raise some money.

They considering the sale of the lower flat that I used to live, but is now empty. This flat is worth ￡ 250k however the premises as a whole including the land is worth ￡ 600? 800K and the sale of the lower flat they will lose control of the building and thereby reduce the value of what they have left.

I have wracked my brains but I can no other recourse but to sell but she and I not? Failure to do this. I can? Do not help me if Im committed to my own property and have 2 young children.

My mother is a basic rate taxpayer and my father can not work due to illness.

My thoughts are that if they somehow could release equity on the bottom flat (￡ 250K), put it in the bank and live off the interest, then let the flat to tell ￡ 1k per month to pay out the capital repayments .

Is this feasible?, the flat is 3 bedrooms and with a little TLC ￡ easily get 1k per month rent.

They need to release as much as possible to help my brother with some big debts and renovate two properties? approximately 200 ￡? 250k.

Can this be done?, Asset rich but my people have no money. They don? Would not even sell it as? The family home and my dad? S s disease beautiful lines from the stress of a sale at this time, but the financial situation is getting precarious.

Your help / advice would be very much appreciated.

Razz

---

A:Could they let the flat out?

My thinking is this:

) Equity release through one of the companies that do this. I generally think these are a bit of a bad idea, but that's just prejudice.

2) They could sell the flat, but suppose some git moves in downstairs & makes their life a misery.

So I would strongly consider option 3) Let out the downstairs flat, it might not bring in as much as selling it, but at least they retain some control over who lives there.

---

A:You'd be better off over on the mortgage forum to be honest mate.

This one's been hijacked by idiots.

(present company excepted of course)

---

Related posts

• You advice on the purchase of residual (0)
• The sale of a home purchase have their own releases . Help please? [lawyers fees] [equity release] (0)
• Selling without an agent – the latest tips? [apologies] [suggestion] (0)
• Selling and buying or building expansion ? Equity release ?Selling”,[4],1,0,553,0,1,0],["and",[5],1,0,523,1,2,0],["buying or building",[6],1,0,405,2,5,0],["expansion",[7],1,0,366,5,6,0],["?",[8],0,0,366,6,7,0],["Equity release",[17],1,0,880,0,2,1],["?",[18],0,0,898,2,3,1]],[["Verkopen",4,[["Selling",553,1,0],["Sell",114,1,0],["Sales",0,1,0],["Sale",0,1,0],["To sell",0,1,0]],[[0,8]],”Verkopen en kopen of bouwen uitbreiding ?”],["en",5,[["and",523,1,0]],[[9,11]],”"],["kopen of bouwen",6,[["buying or building",405,1,0],["buy or build",10,1,0],["Buying u0026 Building",0,1,0],["purchase or construct",0,1,0]],[[12,27]],”"],["uitbreiding",7,[["expansion",366,1,0],["extension",53,1,0],["enlargement",0,1,0],["extending",0,1,0],["increase",0,1,0]],[[28,39]],”"],["?",8,[["?",366,0,0]],[[40,41]],”"],["Equity release",17,[["Equity release",880,1,0],["Equity release products",0,1,0],["Which equity release",0,1,0]],[[0,14]],”Equity release ?”],["?",18,[["?",898,0,0]],[[15,16]],”"]],,,[["nl [new mortgage] [equity release] (0)
• Seller refuses to share! [solicitor] [apologies] (0)