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Selling share of our house to son when downsizing

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Comments

  • frogglet
    frogglet Posts: 773 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    Also if you still own half your sons house, how will he realise the cash if you go into care.
    Or is he getting a 700k house and your daughter potentially not a lot in comparison.
  • FinallyStoppedLurking
    FinallyStoppedLurking Posts: 285 Forumite
    100 Posts Name Dropper
    Could you gift him and your daughter half the house each and then he buys you another house with a mortgage? He would eventually need to buy out his sister in the future.

  • DayDreamerandGeneralWaster
    DayDreamerandGeneralWaster Posts: 546 Forumite
    Fourth Anniversary 500 Posts Name Dropper
    It's not just the very good points already made.
    The London house will continue to rise in value exponentially so although you would be gifting it now at 350k it might be double that by the ti.e you pass. Your daughter won't get the same with the northern house. Do your children know about this idea? 
  • Aranyani
    Aranyani Posts: 817 Forumite
    500 Posts Name Dropper
    Dodo48 said:
    Our son would love to keep the family home for his own future family but could not afford to buy it now.   
    Tell him tough!  What if he never has a family?  What if you need that money in the future? 

    Give him a bit for a deposit, that's very generous.
  • Annisele
    Annisele Posts: 4,835 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Who will be living in your London house? If it's your son, will he be paying you (market?) rent for the 50% he doesn't own?
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