10:08 AM, 5th May 2015, About 6 years ago 2
We have purchased a house, split roughly 75%/25%, with our son owning the 25%. We have a Declaration of Trust defining the percentages owned, which also sets out what each party is expected to pay for. We are charging him 75% market rent.
I have a couple of questions, which I hope someone will either be able to answer, or point us in the right direction. To complicate things slightly, my son lives with his girlfriend and their 2 yr old child.
1. Should we, or do we have to, draw up a Tenancy Agreement? There is no deposit involved.
2. Should our Son draw up a tenancy agreement for his girlfriend?
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