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.
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Shared ownership
Options

cjacs5
Posts: 1 Newbie
Hi, we own half of a shared ownership property it’s just been paid off. We now have to pay rent on the other half. We want to know if we can ask our son to buy the other half as he would be getting our half if anything happens to us. We want to give him the opportunity to buy it. Hope this makes sense.
0
Comments
-
If you had the money could you buy the other half? Are there implications for your son needing to pay a higher stamp duty or losing first time buyer status as a result of this investment.
Also, can your son afford it? Does he want to do this? Why are you keen for him to own a majority stake (you'd each have 25% and he'd have 50%) in your home. If he became bankrupt, or got divorced this could be an asset they'd go after - where would that leave you?
Are you trying to prevent the property being sold to pay care fees?2 -
cjacs5 said:Hi, we own half of a shared ownership property it’s just been paid off. We now have to pay rent on the other half. We want to know if we can ask our son to buy the other half as he would be getting our half if anything happens to us. We want to give him the opportunity to buy it. Hope this makes sense.
Could you not get a mortgage and buy the other half yourself so you don't have to pay rent?1 -
Conveyancing solicitor, Zahrah Aullybocus, has written a feature - Can my son buy a 50% share in my flat? - on the Shared Ownership Resources website.Founder of Shared Ownership Resources-1
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 350.9K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.5K Spending & Discounts
- 243.9K Work, Benefits & Business
- 598.7K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards