Granny Flats"Granny flats" is a term given to arrangements where you, an older person, agree to live with your child on the same property. You make a financial contribution to a property in exchange for the right to live on the property.
This financial contribution might involve a payment for the construction of a separate self contained flat on the property or payment for renovations to an existing house such as the construction of a downstairs or upstairs area in a separate part of the house. The financial contribution might also be a payment towards the purchase of a house on the understanding you will have the right to live there for the rest of your life with your children. There may also be an agreement that your child will provide you with physical care and support for the rest of your life. Problems can arise with these arrangements if you have not considered what would happen if your circumstances change or if there is a dispute as to what you and your family have agreed. There are some things you can do to ensure that if things do not work out your legal interest in the property is protected. 5 Tips
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Granny Flats
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