after a conversation with my neighbor the other day, I got to thinking about something..
The neighbour in question doesn't own the flat, she owns a house over the road, and her son owns the flat..
as she's now on her own with a dodgy leg and can't handle the stairs, and her son has kids, they've swapped houses..
nothing has actually legally changed hands but they live in each others houses..
does this technically make them both landlords?
they aren't exchanging money for living in the houses, but as they are also living in the others house / flat rent free then technically they're getting "payment in kind"..
I got me thinking that if I were to win the lottery this weekend and bought a house and let a friend or relative ( or even a stranger.. hey I might want to spread the karma.. ) live in it rent free, would I still be classed as a landlord with all the lagalities that go with it? ( all hypothetical of course.. )
The neighbour in question doesn't own the flat, she owns a house over the road, and her son owns the flat..
as she's now on her own with a dodgy leg and can't handle the stairs, and her son has kids, they've swapped houses..
nothing has actually legally changed hands but they live in each others houses..
does this technically make them both landlords?
they aren't exchanging money for living in the houses, but as they are also living in the others house / flat rent free then technically they're getting "payment in kind"..
I got me thinking that if I were to win the lottery this weekend and bought a house and let a friend or relative ( or even a stranger.. hey I might want to spread the karma.. ) live in it rent free, would I still be classed as a landlord with all the lagalities that go with it? ( all hypothetical of course.. )