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?
- You could buy the property for them outright
- You could buy the property in the joint names of yourself and your child
- You could help them with the monthly mortgage payments
- You could act as Guarantor to their mortgage
- You could provide all or part of the deposit
- 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.