Hello everyone, I have recently had my house valued prior to selling and was amazed when it valued up 40k more than I thought it would. This is fantastic, but as my Brother has helped me out so much in the last few years, I would now like to help him in return.
My Brother has lived in his council flat since 1985 and due to severe illness he will never work again. He is entitled to participate in the RTB scheme and he has told us that he would like to purchase the flat and eventually go travelling whilst renting the flat back to social housing. His local council have a scheme where they rent back purchased RTB properties as part of their social housing stock.
I cannot emphasise enough that we have no intention of either making money out of this venture, we have no intention of ownership and that we would be simply giving him the funds (circa 10k) as a gesture of our thanks and appreciation for everything he has done for us.
Can anyone foresee any problems (legal, financial, tax etc.,) with us giving him the 10k?
Many thanks.
RinkyTinks
My Brother has lived in his council flat since 1985 and due to severe illness he will never work again. He is entitled to participate in the RTB scheme and he has told us that he would like to purchase the flat and eventually go travelling whilst renting the flat back to social housing. His local council have a scheme where they rent back purchased RTB properties as part of their social housing stock.
I cannot emphasise enough that we have no intention of either making money out of this venture, we have no intention of ownership and that we would be simply giving him the funds (circa 10k) as a gesture of our thanks and appreciation for everything he has done for us.
Can anyone foresee any problems (legal, financial, tax etc.,) with us giving him the 10k?
Many thanks.
RinkyTinks