Could this help son to get on housing ladder

drspock

Hi it's me again, still looking for a way to help son get on housing ladder.
Comments on the following, positive or negative, would be gratefully received.
If I altered the deeds to my house whereby 50% was owned by my 2 sons and the other 50% by my wife and me ,would it be beneficial in helping son to obtain a mortgage.
Obviously son would not be able to sell his share in property until both wife and I have departed this earth.
On plus side council would only be able to take half of house for nursing home fees if came to that.

Raggie

drspock wrote:

On plus side council would only be able to take half of house for nursing home fees if came to that.

have looked into this in the past for parents, and the leagal advice i received said that this is actually untested in court.

That the council could contest that by gifting equity in this manner you were avoiding paying for care.

There is also the area of tax implications of this gift should you or your wife die in the next 5 (or could be 7) years.

sorry but I do not know the law/requlations any further other than to raise those points..

good luck btw..