That is one of the reasons why we have been working with The Family Building Society to provide a guide, covering what parents need to be aware of. We have seen the growth in Mum and Dad sponsored property purchases and responded to the need for clearer information.
The Family Building Society also specialises in supporting the ‘Bank of Mum and Dad’ and has designed a number of innovative mortgage products for their needs.
The guide covers the impacts on stamp duty, potential capital gains implications, the need for Declarations of Trust, loan agreements and cohabitation agreements and ultimately don’t forget what it might mean when drafting a Will.
If you are looking to help the next generation of the family get on the property ladder contact your local office property team to arrange an initial discussion. Please call us on 01372 750100.