- Our Family Assistance with Purchases Service
- Our Family Assistance with Purchases Experience
- Download The Guide to Helping Family Purchase Property
- Why Work With Our Residential Property Team?
- Meet Our Residential Property Solicitors
- Contact Myerson Solicitors
- Latest Myerson Residential Property News
Our Family Assistance with Purchases Service
You may wish to assist a loved one with the purchase of the property be this either a child, grandchild or parent. There are several factors to consider and options available to you should you be in a position to assist a family member with a property purchase.
You may not realise that in order to assist a family member with a purchase you don't have to give your money away as an outright gift. You may wish to make a gift of the deposit or a larger contribution but have you considered other factors, such as ensuring that you treat all family members equally and what would happen if your funds are being used towards purchase by your loved one and their partner?
If you gift a deposit or other sum of money it cannot be recovered if your relationship with the family member changes or their circumstances change.
You may wish to think about providing a loan to that family member rather than gifting funds. A private charge can be secured against the property that your loved one is purchasing subject to the consent of any high street lender they may be obtaining mortgage funds from.
Loaning part of the funds for a purchase of a property rather than gifting can also offer some flexibility with your own personal estate planning.
There is also an option of being a co-owner of the property with your loved one or using a declaration of trust to record your contribution to the overall purchase price and associated costs, however, this can have an impact on the level of Stamp Duty Land Tax (England) or Land Transaction Tax (Wales) payable.
Our Family Assistance with Purchases Experience
Our extremely knowledgeable solicitors are able to advise you in a friendly manner on all the options available to you and associated technicalities to help you understand the implications any gift or loan provision will have upon your estate and also the situation of your loved one.
Our team is recognised as one of the friendliest and most approachable in South Manchester and Cheshire whilst at the same time being market leaders in terms of prestige service levels.
Examples of recent work:
- A loan from parents to daughter to allow the purchase of a new property to proceed while protecting their capital investment to ensure fair distribution between all their children through their estate.
- A loan from daughter to mother to allow her to purchase a new more suitable property pending sale of the mothers existing property
Why Work With Our Residential Property Team?
- We have been ranked as a Top Tier law firm by the Legal 500 for the last seven years.
- You will have access to more than 30 property experts across the Myerson Property Group, including residential property, property litigation, construction, commercial property, conveyancing and development.
- You will receive city-quality residential property legal advice at regional prices.
- We provide a partner-led service to ensure you receive the very best legal advice and commercially minded support.
- We have a large team which can meet your deadlines.
- We understand that each transaction is bespoke to your circumstances and that you need support from a conveyancing lawyer who is experienced in dealing with a wide variety of clients and types of work.
- We are a full-service law firm operating from a one-site office, which means our property teams communicate effectively and efficiently.
- We use the latest technology to ensure that we are working as efficiently as possible, and that geographical distance is no bar to us from providing excellent client service.
Meet Our Residential Property Solicitors
Home-grown or recruited from national, regional or city firms. Our residential conveyancing solicitors are primed to provide a stress-free premium service, whilst solving your residential property matter.
Heather is a Partner and Head of our Residential Property Team
Carly is a Senior Associate in our Residential Property Team
Annie is an Associate in our Residential Property Team
Olivia is an Associate in our Residential Property Team
Lisa is a Paralegal within our Residential Property Team
Laura is a Solicitor in the Residential Property team.
Holly is a Paralegal within the Residential Property Team
Josie is a Legal PA in our Residential Property Team
Contact Myerson Solicitors
Latest Myerson Residential Property News
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