Hello
I am in my late 60's and considering jointly purchasing a property with my adult son. Each of us already owns a property (mine is paid off and he has a mortgage on his). We would like to buy a larger property with space for both of us but that would allow us to make savings on the ever-increasing cost of utilities etc. I understand that the mortgage would need to be in his sole name (otherwise if we apply jointly we could borrow only for a term of about 8 years due to my age). I do trust my son totally but have to consider the feelings of other family members and would wish to protect my capital investment e.g. in the event of my death so that all beneficiaries could inherit without problems. How could I do that? I would be grateful for any ideas about the issues/pitfalls to be considered in the arrangement we are considering.
I am in my late 60's and considering jointly purchasing a property with my adult son. Each of us already owns a property (mine is paid off and he has a mortgage on his). We would like to buy a larger property with space for both of us but that would allow us to make savings on the ever-increasing cost of utilities etc. I understand that the mortgage would need to be in his sole name (otherwise if we apply jointly we could borrow only for a term of about 8 years due to my age). I do trust my son totally but have to consider the feelings of other family members and would wish to protect my capital investment e.g. in the event of my death so that all beneficiaries could inherit without problems. How could I do that? I would be grateful for any ideas about the issues/pitfalls to be considered in the arrangement we are considering.