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Age and House Buying?

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Spikey_2
Spikey_2 Posts: 14,119 Forumite
in House buying, renting & selling
Is there a minimum age of when a person can buy a property?

TIA

Spikey
Use your judgement, and above all, be honest with yourself. :)
I walk with the world & the world walks with me!
I don't make bad choices!!! Other people just fail to see my GENIUS !!!! :D
«1

Comments

  • pavlovs_dog
    pavlovs_dog Posts: 10,215 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    assuming you refer to a mortgage, i would make a (semi) educated guess at 18 - that being the age when you become eligible for credit.

    buying outright..hmm. i suppose if you've got the readies... :think:
    know thyself
    Nid wy'n gofyn bywyd moethus...
  • Poser
    Poser Posts: 154 Forumite
    THINK its 16 old enough to earn a living old enough to drive know what i saying
  • clutton_2
    clutton_2 Posts: 11,149 Forumite
    i think it is 18 before you can get a mortgage - depending on your income of course !!
  • dunstonh
    dunstonh Posts: 119,767 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    It is 18. One of my clients daughters is buying a house and is 18 in a few weeks and the lender will not complete the application until then.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • silvercar
    silvercar Posts: 49,628 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Name Dropper
    I would have thought it would be 16 if there was no mortgage involved. After all if you can marry at 16 I would have thought you would be allowed to own property.
    I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
  • Robert_Sterling
    Robert_Sterling Posts: 2,207 Forumite
    I will go for 18 even if you can pay cash.
    ..
  • Dora_the_Explorer_5
    Dora_the_Explorer_5 Posts: 2,600 Forumite
    Those under 18 do not have contractual capacity, so couldn't enter into a contract to buy a house either with cash or by mortgage.
  • clutton_2
    clutton_2 Posts: 11,149 Forumite
    Dora - i was once advised that a 17 year old had contractual capacity to sign an AST to rent a house, for a very specific reason, which i have forgotten - something to do with safety ? shelter ? harm ? i rented to a 17 year old and her boyfriend as my first tenants and they were fabulous.
  • Spikey_2
    Spikey_2 Posts: 14,119 Forumite
    So which is it guys..........16, 17 or 18?
    Use your judgement, and above all, be honest with yourself. :)
    I walk with the world & the world walks with me!
    I don't make bad choices!!! Other people just fail to see my GENIUS !!!! :D
  • Dora_the_Explorer_5
    Dora_the_Explorer_5 Posts: 2,600 Forumite
    Eighteen years old
    • You reach the "age of majority".
    • You have complete contractual capacity so you can own land, buy a house or flat, apply for a mortgage, sue and be sued in your own right and you can act as administrator or executor of a deceased person's estate.

    This seems to make things clearer
This discussion has been closed.
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