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Gifting to my son

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Comments

  • HousingA said:
    I trust my son
    But there are lots of things that can happen to impact on your son’s financial stability that are completely beyond his control.  
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    500 Posts Third Anniversary Photogenic Name Dropper
    edited 30 December 2020 at 12:02PM
    The worry I’d have here is the house is transferred to son - Son gets married - Has children - Gets divorce and his ex and children get to stay in the house and you and him are kicked out. Ive seen ex wives behave despicably in divorces. To me that risk trumps all others and I would not do it myself  
  • MWT
    MWT Posts: 10,526 Forumite
    10,000 Posts Fifth Anniversary Name Dropper
    edited 30 December 2020 at 12:50PM
    HousingA said:
    The reason why I am gifting him the property is so he can get a new mortgage against the house

    Is that just to get his £20,000 back, or is the intention to raise a larger mortgage for some other purpose?
    I know it seems like a lot of questions, but as others have said, this path is not normal a good one to go down without some very good reasons and can lead to very unfortunate unintended consequences, so for example it would be good to know that you were taking professional advice and are not just talking about this with us and your son...

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