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Let property loss
My client owns a freehold property that has been let since 2001 to his daughter a single parent with four children whose ages range from 12 to 20.
Three of the youngest children attend a special school mainly for autistic children and the eldest has mental health problems and must attend hospital twice a week.
The rent for my client’s property is paid by the local council but this is far exceeded each year by the mortgage interest and other expenses and results in substantial accumulated losses.
My client is unable to obtain any form of tax relief because there is no other rental income involved. Without going into too much detail my client is not in a position to sell the property or reduce the interest only mortgage.
At the age of 82 he is extremely worried about the situation...
