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Buying a House with Our Children
Willtodo
Posts: 1 Newbie
Some advice would be very welcome.
Our son & daughter-in-law who have recently returned from a long stay abroad rent a house in the west of England, when the years rental contract is up next February they intend to buy a house again. Our son earns over £150,000 a year & our daughter-in-law works so they will be able to afford a nice house.
My wife & I are both in our early 70's & we have recently discussed with them the prospect of selling our own semi & giving our son & daughter-in-law say £150,000 to help with a deposit. The plan is for us to live with them in a self-contained annex. We have seen some ideal such properties for sale so know this is feasible & something we would really want to do.
However even though we do of course trust our son & daughter-in-law to always do the right thing by us we are both concerned of the need to safeguard our investment, if the house was sold & we had to rent. I am thinking here of the unlikely unexpected things that could happen, such as:
Our son losing his job & getting a lower paid one.
Having to move abroad.
Divorce.
Illness. Well you get my drift I'm sure, I won't go on!
So I was thinking of a contract which would ensure that if the house inc annex, was sold in the future we would at least get the money we had put in back, or perhaps some form of joint purchase - do you think this is the best approach? If so how should we go about it?
Regards & Thanks
Our son & daughter-in-law who have recently returned from a long stay abroad rent a house in the west of England, when the years rental contract is up next February they intend to buy a house again. Our son earns over £150,000 a year & our daughter-in-law works so they will be able to afford a nice house.
My wife & I are both in our early 70's & we have recently discussed with them the prospect of selling our own semi & giving our son & daughter-in-law say £150,000 to help with a deposit. The plan is for us to live with them in a self-contained annex. We have seen some ideal such properties for sale so know this is feasible & something we would really want to do.
However even though we do of course trust our son & daughter-in-law to always do the right thing by us we are both concerned of the need to safeguard our investment, if the house was sold & we had to rent. I am thinking here of the unlikely unexpected things that could happen, such as:
Our son losing his job & getting a lower paid one.
Having to move abroad.
Divorce.
Illness. Well you get my drift I'm sure, I won't go on!
So I was thinking of a contract which would ensure that if the house inc annex, was sold in the future we would at least get the money we had put in back, or perhaps some form of joint purchase - do you think this is the best approach? If so how should we go about it?
Regards & Thanks
0
Comments
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Trust deed. However your post does focus on what you want and protecting your interests, but the real question is what do they want? You might think you are making a generous offer, but do they really want/need to pursue this option?0
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Do you just have your son, or do either of you have other children?
A lady I worked with did this. Her and her husband (no chiildren of their own) pooled finances with her mother and bought a lovely house that all 3 live in.
And her sister (mum's other daughter) is permanently angry at the loss of her 'inheritance'.:heartsmil When you find people who not only tolerate your quirks but celebrate them with glad cries of "Me too!" be sure to cherish them. Because these weirdos are your true family.0 -
You also need to make sure you safeguard your son and dil's interests if anything happened to you in this scenario. If you are joint owners in the property, and both you and children are named on the deeds, you must be aware that if you need care in the future, the house you part own could be considered an asset to help fund that care!
Indeed, selling your own home now and giving the money to your children, could be considered "deprivation of assets" - google it for more info.0
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