The Bank of Mum and Dad and co-owned properties

Posted by Joshua Williams

Senior Associate

As news reports circulate that the Bank of Mum and Dad has now become one of the top mortgage lenders, co-owned properties are more common than ever, especially within a family.  What this should mean for anyone in this situation is that they should thoroughly review their own Will and take legal advice to ensure that their affairs are in order.

Buying a house in the UK has become such a huge expense, it is estimated that parents will lend £5bn to their children this year, in order to help fund a property purchase.  This figure is so large, that the bank of Mum and Dad is effectively now a top 10 mortgage lender.  However difficulties can arise at a time in the future when the house is to be sold or sadly, if one of the parties passes away, if matters were not properly considered from the outset.

If a parent or child dies and a Will has not been prepared that specifically deals with any interest in such a property, or a loan for the property; it may not always be clear what the deceased’s intentions were in that sad event.  This may lead to complications or difficulties that could have been avoided.

In some situations it may even result in serious damage to family relationships.  Having a properly prepared, well thought out Will, could help to avoid this by ensuring that your wishes are made clear.

We have expertise in Will drafting and Property law, to advise you on your options and provide you with the comfort of knowing that you have dealt with matters in the best way for you and your loved ones.

For further information contact Associate, Joshua Williams, on 01227 274241.

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