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Son wants to buy my house
Comments
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We need no mortgage.
Then I'd suggest buying the house through a trust. Speak to a specialist solicitor.
There are significant other benefits to ownership this way as well.“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
Are his children likely to sell at a price your son can afford?0
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Who paid off the mortgage after your partner died?
Did you inherit money from him and use it to pay off mortgage and if so why if you didn't inherit house?
~Laugh and the world laughs with you, weep and you weep alone.~:)
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Poppy9
I inherited no money from my partner, though he did assign his pension to me. The pension fund trust decided not to comply with his wishes and withheld 1/3 of the pot, gave 1/3 to me and split the other 1/3 between his children. I get the monthly widows pension. The part of the pot I received paid the solicitor's bill and paid off the mortgage which was one of the court's requirements in order that I may keep the house.
Hamish
Yes, I had considered a trust.0 -
Poppy9
I inherited no money from my partner, though he did assign his pension to me. The pension fund trust decided not to comply with his wishes and withheld 1/3 of the pot, gave 1/3 to me and split the other 1/3 between his children. I get the monthly widows pension. The part of the pot I received paid the solicitor's bill and paid off the mortgage which was one of the court's requirements in order that I may keep the house.
Hamish
Yes, I had considered a trust.
Have you considered the questions I posed above?No reliance should be placed on the above! Absolutely none, do you hear?0 -
You say: "My son would like to buy the house from them but in my name with the condition that I bequeath it to him in my will."
First, he obviously will pay only a fraction of the house value, as you have the right to live their rent free. How will he decide what fraction to offer?
The value I have given is what was paid for the house next door 4 weeks ago. The last valuation on mine was £50k less. I'm fit and healthy and likely to have many more years to live. The reason they tried to eject me was to sell the house for immediate capital. At the moment they can't do anything. The odds are they would prefer to realise the capital now rather than 20/30/40 years time. My son has an amount in mind, he's more up with valuation of property than I am.
Second, in principle, this is a transaction that need not involve you at all. At the moment, the reversionary interest in the house is owned by your partner's children. They can sell their interest to your son, or to you, and of course nobody can force them to sell at all. What do you mean by "My son would like to buy the house from them but in my name", and why does he want to do it that way? I can see capital gains tax advantages in that, but many disadvantages.
My son is currently in a difficult position. His known assets are frozen and could be confiscated. He doesn't want the house in his name as that could be confiscated as well sometime in the future. He is trying to ensure that his family and I have security and somewhere to live.0 -
When my partner died intestate, his children tried to evict me from our house even though I had been paying half the mortgage and house upkeep. The house was in his name as he was in the process of buying it when we first started going out together.
The result of going to court means that I have the house for my benefit for the rest of my life and then it reverts to his children.I inherited no money from my partner, though he did assign his pension to me. The pension fund trust decided not to comply with his wishes and withheld 1/3 of the pot, gave 1/3 to me and split the other 1/3 between his children. I get the monthly widows pension.
The part of the pot I received paid the solicitor's bill and paid off the mortgage which was one of the court's requirements in order that I may keep the house.
So the children could have inherited a house that still had a mortgage on it but you ended up paying off the mortgage and a solicitor's bill.
So they now inherit a fully paid-off house?
If your son's assets are frozen, how is he going to get the money to give to you to buy the house?0 -
I also own half of another house, but I don't know where I stand with that. It was bought for myself and my sister-in-law by my ex-husband and brother-in-law as insurance for our future. B-I-L lives in it and S-i-L died last year.
That means that if it was legally owned by you and sister in law under a joint tenacy arrangement - the house is TOTALLY yours (unusual foresight for your Hubby and BIL to buy a house in your & SILs name to protect your future though ... but I guess there were reasons).
If held under a Tenants In Common arrangemnet - the SIL may have bequeathed HER share to her husband (BIL), but your share remains YOURS.
The fact he is living there, takes nothing away from your legal or beneficial rights of ownership.
Indeed, if this was a joint tenancy arrangment - you could throw him out and move in yourself - so you DO have some security there.
What was explained to you when SIL died ?
My son is currently in a difficult position. His known assets are frozen and could be confiscated. He doesn't want the house in his name as that could be confiscated as well sometime in the future. He is trying to ensure that his family and I have security and somewhere to live.
With regards to your Son having frozen and pending confiscated assets - well thats v serious doo doo, and only happens for a certain reason and is only permitted under particuar legislation.
You will be purchasing for cash ... which will raise money laudering issues with the Solicitor for you and him (as the source) ... so knowing this he may (certainly ?) will not want to get into this, AND as his assets are frozen by the court (even if money is in a shoebox under his bed), the exercise is blown as the money will be traced back to him and able to be seized as an asset of his (don't forget even if the asset is NOT held in his name, if the authorities can prove that the funding came from him, the asset CAN still be seized). Furthermore this will also now include you in an attempt with your Son to defraud the courts and authorities whom have imposed the total asset restriction.
I don't wish to sound judgemental and without going into reasons, this proposal by your Son isn't sitting right with me at all - so I do feel unable to give any more guidance with this, but wish you well.
Hope the guidance re your & SIL's house is positive and helps ?
Your Sons family, like all of us, are entitled to social housing if they were to become homeless if unconnectged to and as a result of the courts/legal actions in seizing the family home/assets as a result of whatever matters are to hand with regards to your Son's situation.
Holly0 -
I'm with Holly on this one.
Frozen assets and pending confiscation is as Holly says serious Doo-Doo and and any attempt to get around that is likely to have money laundering implications and lead to the tracing and seizure of additional assets (the money laundering regulations are very wide ranging and you won't find it easy to bypass them).0 -
The value I have given is what was paid for the house next door 4 weeks ago. The last valuation on mine was £50k less. I'm fit and healthy and likely to have many more years to live. The reason they tried to eject me was to sell the house for immediate capital. At the moment they can't do anything. The odds are they would prefer to realise the capital now rather than 20/30/40 years time. My son has an amount in mind, he's more up with valuation of property than I am.
My son is currently in a difficult position. His known assets are frozen and could be confiscated. He doesn't want the house in his name as that could be confiscated as well sometime in the future. He is trying to ensure that his family and I have security and somewhere to live.
The last thing you want is your house being involved in that sort of mess, I'm afraid. If he wants to hide his assets, tell him to look elsewhere.
However, there's nothing to stop you using your own money to buy the reversionary interest. They tend to be worth very little, but that obviously depends on your age, and also whether the present owners are willing to sell at a realistic percentage of the vacant possession valuation. If you are under 60, that might be around 25%, by the way. You really ought to get professional advice, rather than just having a figure in mind.No reliance should be placed on the above! Absolutely none, do you hear?0
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