I own half of a residential property with an ex partner and, since selling our business in April this year, neither of us have found subsequent employment. The proprty is rented which just about covers the mortgage.
A friend advised me to get my trust to purchase my ex's share - my trust owns a freehold property which is currently rented. That way, the trust would have have one mortgage over two properties, which would easily be covered by the two rents.
My question is, if I do this, will this limit what I can do? Would I be better off purchasing the other half share in my own name. Basically, I'm hoping I can use some of the excess rent money as income, while I don't have any. Thanks
A friend advised me to get my trust to purchase my ex's share - my trust owns a freehold property which is currently rented. That way, the trust would have have one mortgage over two properties, which would easily be covered by the two rents.
My question is, if I do this, will this limit what I can do? Would I be better off purchasing the other half share in my own name. Basically, I'm hoping I can use some of the excess rent money as income, while I don't have any. Thanks
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