My son lives in Oz. I live in England. I received a bad divorce settlement and now ive in a poor/rough area. My son wants tobuy me a small flat in a better area. Would this be legal? What are the disadvantages to him?
2006-11-27 10:12:41 · 6 answers · asked by Jackie 4 in Business & Finance ➔ Investing
He can buy it in your name. Ive bought my Dads house in my name, I just had to make sure it was clear that when the mortgage is paid he signs it over to me although he will continue to live there. Also he had to stipulate in his will that the house is mine.
2006-11-27 10:19:12 · answer #1 · answered by Kyral 4 · 0⤊ 0⤋
Hi >
No real problem, as far as I know..
Your son can purchase any UK property, and do one of a few things :
1 Lease it to you - purchase price.
2 Rent it to you at whatever per month
3 Give it to you freehold or leasehold
No financial disadvatages, I can buy and rent out in Oz.for example, as a Brit.
Only things are - watch out for UK inheritance tax.If you sign it over within 7 years of perishing, "and we are all going" Your son will save a bundle.
Oh the difficulties of it all. I know. A parents' home - what to do ?
Consult someone more proffesional than I.
A narrowboat is always an interesting option ....
All the best,
Bob the boat
2006-11-28 01:37:26 · answer #2 · answered by Bob the Boat 6 · 0⤊ 0⤋
He can buy you what ever he likes. It can be in his name or yours. If it is in his name it will simplify matters when you die (SORRY) You can live rent free or pay him rent, although he would then be liable to pay tax on the rent. You take up his generous offer, he obviously wants you to live in the manner you are used to. Good for him, you are a lucky lady having such a considerate son.
2006-11-27 10:26:29 · answer #3 · answered by Social Science Lady 7 · 1⤊ 0⤋
I dont know but you have got a nice son looking out for his Ma.
2006-11-28 07:00:03 · answer #4 · answered by Grumpy 2 · 0⤊ 0⤋
Of course it's legal go for it girl get out of that flea pit sty,
Good Luck
2006-11-27 10:18:22 · answer #5 · answered by Ivan 3 · 1⤊ 0⤋
Why would it be illegal, unless your son is a criminal. Its between you two, who owns the right to the property or both
2006-11-27 10:22:16 · answer #6 · answered by Abbas 3 · 2⤊ 0⤋