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Thread: Advice please?

  1. #1

    Default Advice please?

    I am the sole beneficiary of a freehold
    house I own and have just sold a
    business. The house is rented and
    I'm wondering how I can legally use
    the rent to live on, while I take time
    out of the workforce to pursue other
    business interests. I'm also wanting
    to purchase another property to live
    in, and am wondering how to get this
    mortgage paid. My company that
    owned the business still exists.
    Should the company buy the new
    house, or maybe the trust? I'm at a
    bit of a loss as to how to sort this.

  2. #2
    Join Date
    Mar 2013
    Location
    Auckland
    Posts
    1,547

    Default

    Firstly, you need to look at how your Trust is set up. That will tell you if you're allowed to rent the property out yourself. Even if you can't, it's highly likely that the Trust can rent it out and then distribute the income to you.

    OR

    The Trust should be able to buy the new property and use its income from the current house to pay the mortgage on the new one. But you'll have to see if the deed specifies that you, as beneficiary, are liable for the outgoings.

    Either way, don't buy in the name of a company unless you're planning to rent it out or trade for a profit. No advantage and possibly disadvantages.
    My blog. From personal experience.
    http://statehousinginnz.wordpress.com/

  3. #3

    Default

    Thanks so much - very helpful.


 

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