Legal Question in Family Law in United Kingdom
Children buying house for parents
What are the laws surrounding children who buy a house for their parent to live, but the parent has also put money into the purchase? Basically, the children take out the mortgage for the remainder of the purchase price of the house.
Asked on 8/22/06, 4:07 pm
1 Answer from Attorneys
Andrew Dutton
Legal -Zone
Re: Children buying house for parents
This position should be regularise by the parties entering into a deed of trust whereby the children declare that they hold the interests of the parents on trust. An alternative would be to execute a legal charge over the property for the amount of the parents investment and to grant the parents a life tenancy.
If we can help further with this please let us know.
Andrew Dutton
www.legal-zone.co.uk
Answered on 8/23/06, 7:35 am
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