Helping your children onto the property market

Michelle Thompson - Play video
Michelle Thompson - Play video

Video length: 55s

Michelle Thompson | Partner

Conveyancing

Hello my name's Michelle Thompson and I'm part of the residential property team here at Forbes Solicitors.

We can provide you with a fixed fee, no obligation quote with no hidden extras. We're a team of residential property experts and we can arrange to see you at any of our offices. At the outset if you choose to instruct us you'll find we don't operate a call center approach with our clients, we prefer to offer you a personal and friendly service that's tailored to suit you.

We appreciate that moving house can be a really stressful time so you will be given our direct contact details so we can be on hand to guide you through both the legal and practical consequences of moving house.

So if you'd like any further information you can complete our online enquiry form or you can call myself or any member of the team, all our contact details are on the website.

In the current economic climate it has become a necessity for many parents to help their children take their first steps onto the property ladder.

How can I help my child?

  1. You could buy the property for them outright
  2. You could buy the property in the joint names of yourself and your child
  3. You could help them with the monthly mortgage payments
  4. You could act as Guarantor to their mortgage
  5. You could provide all or part of the deposit
  6. You could raise money against your own property by way of a remortgage, further advance or equity release

What is right for you and your family will depend on various factors which you need to discuss with your professional advisers.

What do you need to consider?

  • If you are making an outright gift either of the property or deposit, it will then legally belong to your child.
  • Will you be able to manage without that money if your financial circumstances change?
  • There may be tax implications, do you need professional advice?
  • Do you want to impose any conditions on the gifting of the property or deposit?
  • What if your child marries or co-habits - the asset will be beyond your control
  • Do you need to amend or update your own will as a result of this assistance?
  • What will happen if your child gets into financial difficulty?
  • If you are helping subsidise the mortgage payments, this is a long term commitment - are you in a financial position to do that?

What can we do to help you?

We can provide access to clear professional advice in relation to property, funding and trusts to find the solution that best suits your family and their individual circumstances.

Call our Residential Conveyancing Solicitors on freephone 0800 689 1358 or contact us for more information.

Get in touch

Get in touch to see how our experts could help you.

0800 689 1358

Buying and selling your home

15 Feb 2017

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Very professional and courteous staff. Our conveyancing was carried out with diligence and speed. Would highly recommend.

Andrew

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I have always recommended to you friends and associates in need of legal help, and I know that their opinion is as positive as mine.

Robert Paley
Cumbria

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Having recently sold my house Forbes handled this in a very professional manner with obvious expertise. My interests were always their first priority & I was kept informed at all times.

John Monkiewicz

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