We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
buying a house in childs name
bengen
Posts: 9 Forumite
Hi all,I'm after some advice.
I've inherited some money,wich was left to me +to look after my child with.
What I'd like to do is buy a house outright no morgage but in my childs name. An my an my partner would obviously live their as ,our child is 4 yr old.
Can this be done easily. I've been told a trust is a possibility. I've no idea were to start. Or what options are available.
I owe a large amount of money wich I'd rather look out for my kids future as well as my own first An deal with dept afterwards .
I've inherited some money,wich was left to me +to look after my child with.
What I'd like to do is buy a house outright no morgage but in my childs name. An my an my partner would obviously live their as ,our child is 4 yr old.
Can this be done easily. I've been told a trust is a possibility. I've no idea were to start. Or what options are available.
I owe a large amount of money wich I'd rather look out for my kids future as well as my own first An deal with dept afterwards .
0
Comments
-
You need to get advice from a solicitor. It would depend upon the will and exactly what it said.
IANAL but I'd be confident you cant just buy something in a child's name as a way of evading your debtors !!!
And what makes you think you'd get a mortgage if you have a lot of debt? Unless its a large enough sum to buy a house with outright.In which case, its back to the solicitor again.0 -
4 year olds can't own houses, people have to be 16 to sign binding contracts.
So yes, you would need a trust or something. Definitely one for a solicitor.0 -
Hang on a second....just to be clear, is the OP saying that he has already inherited the money and has the money in an account in his own name?
If this is the case, then whatever actions he might do whether involving trusts or not are likely be challenged and reversed should the OP enter into any insolvency proceedings over the medium term at least.
For obvious reasons, you cannot simply transfer assets to put them out of reach of creditors.0 -
4 year olds can't own houses, people have to be 16 to sign binding contracts.
So yes, you would need a trust or something. Definitely one for a solicitor.
You have to be 18 to own a house/land in the UK.
Whilst a trust maybe one option there are certainly costs associated with it which may be prohibitive.0 -
You have to be 18 to own a house/land in the UK.
Not quite true, but you're unlikely to find anyone willing to lend you money or enter into a contract with you for its purchase if you're under 18.
Also, being a property owner carries liabilities, which is one reason why in general you can't just register a property in somebody else's name without their consent.0 -
Pay off your depts, then help you child by putting some of your monthly income into a S&Ss JISA for them. You have plenty of time to build up a decent pot before they reach 18.0
-
I would say that the will would have to have left the money to the child for this to work. If the money is left to you OP then you can't just give it away avoiding the debtors, regardless of the wishes of the peron who died saying it's for the benefit of the child. The child should benefit from you being debt-free and therefore potentially having your own income to use going forward rather than paying interest off.0
-
I would say that the will would have to have left the money to the child for this to work. If the money is left to you OP then you can't just give it away avoiding the debtors, regardless of the wishes of the peron who died saying it's for the benefit of the child. The child should benefit from you being debt-free and therefore potentially having your own income to use going forward rather than paying interest off.
Its possible that the will is worded in such a way that it could mean its valid for the OP to purchase a house with it in order for the child to have somewhere to live and be cared for. possibly for life, possibly until they recahed a certain age.
It depends entirely on the wording. Maybe sums were left to each individually and OP isn't clear about stating that, or perhaps it was done as amateurishly as the OPs intent seems to be and they just ambiguously wrote "here's some money for Bergen so they can look after child". It depends if they were each, or together, left enough money to purchase a house outright or a mortgage is needed. etc etc etc
Bergen. Solicitor. <
Go see one.0 -
Supposing it were possible to buy a house in your child's name, what would stop them from chucking you out the day they turn 18?0
-
Nuthin' at all Fairylights
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 350.1K Banking & Borrowing
- 252.8K Reduce Debt & Boost Income
- 453.1K Spending & Discounts
- 243.1K Work, Benefits & Business
- 597.4K Mortgages, Homes & Bills
- 176.5K Life & Family
- 256K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards