Buying a house in joint names

cherry76

Please I need your advice. Looking to buy adult children a house in joint names. I can hear you lots saying asking for trouble. We want to buy the house outright now. Daughter and boyfriend will live in the house and boyfriend will pay rent, son will have a room to crash if he wants but does not intend to live there for long.

Our plan is when son wants to settle down with his job and where he wants to live to help him with a deposit for a mortgage. Also when son gets a mortgage, will the flat be considered as his second home as he owns 50/50? If son wants to opt out, can daughter mortgage the house and buy son out e.g if the house was paid for 300k, can she offer son 100k if he agrees? When we are no longer alive, that's where the problems will start,can son insisted that daughter sell the house and give him his share.At present, son is not interested and says to do what we want but he will change his mind in future. I do think, it might be easier to buy the house in daughter's name only and then sort son out later on, but we are getting on and will not be around to help. We are both pensioners and are comfortable and could easily help him with a mortgage, we can easily save £800 a month.
My husband plan is to help son get on the property ladder and then transfer the house in daughter's sole name. If we do that and everything went according to plan, how easy it is to transfer the name and what expenses will incur apart from solicitor's and land registry fees?

Giving them a sum of money to do what they want is out of question. Hubby does not want a flat each as he says daughter is not very young, she will get married and will need a bigger house etc. The oly solution is at least to get one house outright NOW.

I would really appreciate some advice and comments positive or negative esp from members who have bought together with a partner and then opted out. The worst scenario could happen when buying in joint names and the way we intend to do it. I do hope I have made myself clear in post of my intention. Thanks

maryotuam

Why not buy it in your own names and leave it to be shared equally between them if you both die. If either of your children live in it they can pay you rent.

cherry76

Really out of question by giving them their inheritance whilst we are alive and hopefully live 7 yrs so that they do have to pay inheritance tax.

baby_fuzz

Please note that I am not a financial whizz, I have no background in finance, buying houses etc.
Personal opinion, and I think that you have already vetoed this idea, but what I would do in this case, is to give them a whacking big deposit for two separate properties - in each of their names. That way, the son can just rent his out, and the rent would easily cover the very small mortgage he would need ot take out and the daughter can jiontly pay the mortgage with the boyfriend (or charge him rent). This way, both will be on the property ladder; you wouldn't ahve the problem of joint ownership; they will both learn the value of money by paying for part of their homes; they won't have to divvy up the properties at a later date. etc.