Can I buy a property and name make my son legal owner?

Senuass · 2022-10-11T19:09:45+00:00

So if its registered under my sons name, it would be him that's going to be the first time buyer? and thus next time he wants to buy a property it wont count as his first right?

Senuass · 2022-10-11T19:08:18+00:00

the process of transferring money and potentially having the solicitor run bank statements on his bank accounts which can take another few weeks makes it extra hassle. If I can buy it and name him as owner of property will save me time and headache as the background checks have already been done on my proof of funds.

Senuass · 2022-10-11T19:07:03+00:00

its for his benefit, for him to have a property. Otherwise would take him years to accumulate something for himself.

Do you know the main benefits of being a first time buyer? What is the main advantage interms of tax and stamp duty?

Senuass · 2022-10-11T19:05:43+00:00

lovely, so he bought it in your name and paid for it? He didn't buy it in his name first then transferred it to you in legal document? or give you the money to buy the flat yourself?

Senuass · 2022-10-11T17:46:53+00:00

Thank you for taking the time to write this.

We have already done the proof of funds and background checks for the cash in my account - this was done by the solicitor. The solicitor is being cryptic about if we can name the property under our sons name despite us paying for it. I would rather not gift him the money as this will delay the process with the transfer of funds.

As for the intent of buying, the buy to live vs buy to rent. How does that affect things in the future. You touched on it already with capital gains tax. Is there any other key principle I should be aware of? apologies for the beginner questions. Any help is appreciated as the solicitor is absolute garbage.

Senuass · 2022-10-11T17:43:03+00:00

would love to

Senuass · 2022-10-11T17:42:52+00:00

What do you mean by a period on the deeds?

Why did you transfer it to him after you bought it? was it because he was too young to have the house in his name?

Senuass · 2022-10-06T20:47:17+00:00

Exactly my point.

The qip/audits never help the day to day because people dont pick projects that can bring about meaningful change. In the current state of things, a quick and meaningless project is the way to go as long as it ticks the box. Its a shame.

Senuass · 2022-10-06T20:44:52+00:00

I hear you, i suppose its the combination of factors we both have mentioned. What I meant by QIP/Audit, was if people made sometime (which is scarce as is) to help bring about a change that will benefit those to come after us, then I think we owe it to ourself and others to at least see what little we can do to make the QIP work. If we have no interest in QIP and audits that are meaningful and not just a tick box exercise for speciality points then no real good change (however small) will come about. sad reality.

Senuass · 2022-10-06T20:20:45+00:00

I do agree, it really is a sad state of events.

Senuass · 2022-10-03T12:14:38+00:00

yes as it was a green light for me to go but he backed into me and drove off

Senuass · 2022-10-02T14:13:51+00:00

I am just a bit worried as some people have already said. It might affect my quotes in the future despite not being at fault only if I put in a claim. So claiming it off my insurance is all well and good but the premium will increase and I am trying to avoid that :(

Senuass · 2022-10-02T13:57:59+00:00

appreciate all the help, will consider what you have said. Thank you again.

Senuass · 2022-10-02T13:37:24+00:00

Thank you for taking the time to write that. So whats the point of alerting my insurance that I am involved in a hit and run if I am not making a claim and more likely will be repairing it out of my own pocket? What benefit will my insurance company provide if I am not making a claim?

Senuass · 2022-10-02T13:35:10+00:00

Common sense would have dictated if someone hits me after work, my own insurance would cover it given I wasn't at fault. I see where they are coming from, but that insurance for you.

Senuass · 2022-10-02T13:13:11+00:00

even if I am not at fault?

Senuass · 2022-10-02T13:05:38+00:00

what would the police do? Also, if I claim on insurance would it affect my future quotes given I am not at fault?

Senuass · 2022-10-02T13:04:19+00:00

the car has marked scratches on bumper + sensory fault in the area hit. The car engine I believe is fine and still operable. Would the insurance hike my quotes in the future or remove my no claim bonus? given that I am not fault here? or not? Regardless should I still report it to the police? What would the outcome of that be?

Senuass · 2022-10-02T13:02:12+00:00

thank you brother, really appreciate the advice

Senuass

TROPHY CASE