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.
" How should parents approach buying a first property for their offspring?" – Article in The Resident (May 2014)
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