Helping a family member buy their first home - your questions answered

This is something we are planning shortly, eldest son has just gone through a marriage breakdown. Is there anyway we can say the money we gift him can only go to him or my grandson in the event of him forming a new relationship and wanting a joint mortgage again?

Would love to know more about how to be able to help your children get on the property ladder in the most efficient way - i.e. is there a way to keep part ownership of a property but for the mortgage to mainly be the responsibility of the child (i.e, not an actual child but your grown up children). It's not something we've ever looked into before but as our son hits university age, we'd rather be putting money towards a home than just paying for rental accommodation for all those years if that is a possibility. Depends on many factors as to whether we could actually do it and where he ends up living as some areas the prices would be way to high to even contemplate this.

I don't have the money to buy for myself let alone for others. If I had the money I definitely would buy for my son

I gifted my children a small lump sum of money each when they were purchasing a house as they needed help with them deposit. I did specify it was towards the house. I had to sign a declaration that the money was a gift from their Mortgage provider.

I am keen to help with the deposit but would it be possible to set it up so when the house is sold I get my amount of the deposit back? This way it could then be available for another family member.

What exactly is Inheritance Tax ?
How can the average 50+ pensioner navigate it legally ?

I’m not in a position where I need to help out just yet but I’m really worried about the best way to go about it when I do. I have 2 daughters who I would love to help out with their own properties but want to know the best way to do it that won’t mean I lose out to the tax man. Don’t understand how if I’ve paid my income tax already on the money I’ve worked so hard for, how I could be liable for being taxed again if I gift it to my children.

We loaned money to our son for a few months as his girlfriends house hadn't sold. It was paid back as soon as they completed. We didn't charge interest.

Ninny, with a joint account it is usually acceptable for either if the account holders to withdraw money, unless when you opened the account you stated it needed both. I made that mistake many years ago and was cleaned out left with children to raise. You can’t beat a High Street Bank, where the manager and staff know you and hear alarm bells, unfortunately we are all just numbers now.
I have helped mine financially.
If you gift money you risk them losing half if the relationship ends, but if you left it to them when you die, the same could happen,

looking at using some our equtity but want to safeguard our money in case they split up

I'd love to gift my son some money for him to use as a deposit but would like to protect it in some way so that it remained his and could not be shared in the event of a relationship split.

Is it best to give the kids money before we are gone or leave it to them?

What happens if my husband and I give a financial gift of money from our joint account to our grandchildren for a deposit on a house and one of us dies before the 7 year cut off date for tax purposes?

It’s my understanding that if you gift a sizeable amount to a son or daughter etc but then pass away within 7 years of gifting it that they then would be liable for inheritance tax. Some sort of tax always seems to get you one way or another!

What's the most I can give without incurring tax?

I would like to help my daughter to get on the property ladder by giving her a lump some as a deposit but I worry that she might not be able to keep up the mortgage payments as her job is not permanent at the moment.

Lisapaige24

I would like to know what I have to do about giving my daughter a deposit for her first home as she isn’t married to her partner my daughter has a child from a previous relationship but her partner doesn’t have any money to put in for the deposit how does she protect this money I am gifting her as if there relationship doesn’t last and they sell the house or she buys them out is the deposit taken into account in the the resale ?

We did this for DS and took advice from a separate solicitor who was a property specialist. The couple buying the house had a Deed of Trust drawn up to protect their interests.
It was very comprehensive and included protection of monies put into the deposit, how any profit from a sale should be divided up, and what would happen if either party installed a new partner into the property.
I suggest if you are gifting a substantial amount a solicitor’s advice is sought.

I am thinking about giving or possibly lending money to my daughter to get on the property ladder by buying a small flat.
Having read through all the other contributors' comments, many of which are negative about Santander, I wonder what Santander offers in this area that is unique and why I should choose them to explain my best options?

How can my daughters grandmother gift her a big lump sum, should gran put it into a savings account ie/. isa etc., for her or give her the cash towards abuying a house?