I did post elsewhere but putting in Chat for traffic.
I'm Divorced. 2 young people (18 & 21). Both SN & unlikely to work more than part time in future so not mortgageable. Both have personal savings. ExH is retired, age 60, small private pension topped up by UC. Atm he is in rented.
We would like to buy a small flat for YP to share as a way of becoming more independent in next few years.
Atm, ex H is mortgageable for 50k. A suitable flat would be 70k. DC would invest the difference & deeds be in all 3 names. Is this possible/ legal/ OK tax wise?
Of course he'd have to check his position re UC but in theory he would then not need rental element so would cost less to state.
I am moving to pay off mortgage. I can't afford anywhere big enough fir 3 of us long term near better facilities. I'd also like up to be able to share a flat together. The only other option I can see is move more rurally (place I've found has shop room on ground floor so could possibly start a small family venture meantime). Give it 2 years. Take a mortgage out on rhat property & kids contribute deposit as above. If I then owned 1 properties I'd have to pay a lot of council tax (I'm in Scotland & many extra fees?)
At present I would also only be mortgageable for a tiny amount as I am Carer to YP. I hope rhey will become more independent in time, especially as they would be very happy to share together. 8 just don't know if rhete is any way of achieving it?
If time read this far (via typos) Thank you.
Any suggestions appreciated.