Parents and grandparents are increasingly being called on to step in to help younger family members buy their first home. In 2017 it was predicted that parents would be involved in 25% of all UK property transactions with average lending rising from £17,000 in 2016 to £21,600 in 2017 and this figure expected to rise again for 2018.
As we’ve seen from research, the bank of Mum and Dad is very generous, but what happens if things go wrong? What if your child and their spouse divorce or they are declared bankrupt? What if there is a family feud?
Prevention is better than cure and simple solutions are available to deal with these problems such as a declaration of trust. We can advise you on all aspects of lending money to help children get on the property ladder.
Article of interest – Here’s a link to an article in today’s Daily Mail highlighting why you shouldn’t transfer property to children without taking very detailed advice.
How we can help
Contact Laura Stansfield, Sue Darlington or Susanne Furness in our Wills, Probate & Planning for the Future department to discuss how one of our team of experts can help guide you through this process.
Email:
lstansfield@bromleys.co.uk; sdarlington@bromleys.co.uk sfurness@bromleys.co.uk
Tel: 0161 330 6821
Alternatively, you are welcome to attend any of our free legal surgeries. Please click here for dates and times – No appointment necessary.
The contents of this article are intended for general information purposes only and shall not be deemed to be, or constitute legal advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this article.