Property News · March 17, 2016

I want to buy my son a flat, but I don't want to lose my money


My home, which I plan to sell, is also my pension so is there a way to purchase a property for him while protecting my cash?Q My son is stuck paying exorbitant rent and can’t ever see himself getting on the London property ladder. I would like to sell my home and downsize, using the cash I free up to buy my son a flat without a mortgage. He is going to pay me a certain amount each month but, unlike a formal mortgage, the property will be fully owned by him and in his name in order to reduce his inheritance tax bill (assuming I survive seven years, which I intend to do).The thing is, my home is also my pension and I want to know if there is a way to buy him a property while protecting my money. For example, if he were to marry and then get divorced I wouldn’t want the flat to be used as part of his settlement. Is this possible or do I just have to trust him? MG Continue reading…

Source : theguardian.com
Read more…I want to buy my son a flat, but I don’t want to lose my money

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