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It is not uncommon for parents to want to buy a property for
their child, often to help them get on the property ladder in view
of high property prices and difficulties with borrowing. But it is
not quite a simple as handing over the funds and signing the
purchase documents. There are issues to consider in terms of
control for the parents, protection for the child, and preserving
the investment the parents are making. Time spent on considering
how to structure the purchase to deal with all or any of these
issues is well spent.
In this article for The Resident Magazine (May 2014) (www.theresident.co.uk), Victoria Mahon
de Palacios discusses the issues and three different
ownership options parents could consider to make sure the purchase
does not run into problems later down the line.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
