Will this cause issues?!

Amyvx

Hi everyone

I live with my Mum and we have decided to move house as she would like to retire. To enable her to do this I have decided to put 45,000 of my own money in to a house for us both and she will be putting in 130,000. So we will be mortgage free.

My question is, how would this work with a solicitor? Do I give the money to my mum as a gift which she then puts into the soclitor account, or do I put it in my self and my name goes on to the deeds as a part owner?

I am recently employed (9 months) - do I have to provide proof of my income etc to the solicitor? Or as we are cash buyers etc is this not relevant?

Thanks for anyone who may be able to help

Amy x x

Hazelnutty

Could you be tenants in common with some kind of deed of trust to indicate the split of the capital? I suppose you would need to consider then what happens to the other person if one dies, but that could be sorted through a will. I guess the only complication would be if say your mother's estate needed to split in ways that affected your inheritance of her stake?

I would think the solicitor would just need to see the relevant bank statements to show you have the money as there's no loan being taken out. You'd deposit your money in your solicitor's client account ahead of completion so s/he can forward it on to the seller's solicitor.

But probably the best thing to do it talk this over with your solicitor? Once s/he knows what your preferred outcome is in terms of ownership and inheritance then you should be able to get some useful advice. Good luck!