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Buying a flat for my mum
vicksg_2
Posts: 5 Forumite
Does anyone know if I can buy a flat for my mum, in a retirement block that is only for over 60’s. Their rules say you have to be over 60 to buy but can I buy the flat on her behalf? Thanks for any advice
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Comments
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Assuming the property will be in her name, with a loan outstanding and payable to you, yes you can.Mortgage started 2020, aiming to clear 31/12/2029.1
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You cannot buy the property in your name so you will just have to give your mum the money for her to buy it herself.0
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If by "on her behalf" you mean you give her the money and she buys it, yes that's fine.vicksg_2 said:Does anyone know if I can buy a flat for my mum, in a retirement block that is only for over 60’s. Their rules say you have to be over 60 to buy but can I buy the flat on her behalf?0 -
You will need a solicitor to create a loan agreement (and possibly put a charge on the property) so that you are guaranteed to get your money back before it goes into her estate.The comments I post are my personal opinion. While I try to check everything is correct before posting, I can and do make mistakes, so always try to check official information sources before relying on my posts.1
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Just a bit of advice, these often lose money, are hard to sell, have many restrictions, and high service charges. You're prob aware, but thought someone should mention it in case you're not.2024 wins: *must start comping again!*0
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Yes, it does worry me. Thanks for pointing it out - I might have been unaware.hazyjo said:Just a bit of advice, these often lose money, are hard to sell, have many restrictions, and high service charges. You're prob aware, but thought someone should mention it in case you're not.0
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