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Ask Clare Your Own Question
Clare
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 34234
Experience:  I have been a solicitor in High Street Practise since 1985 and have specialised in Family Law for the last 10 years
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I am 80 years old and wish to buy a flat 19 year old

Customer Question

I am 80 years old and wish to buy a flat for my 19 year old student twin granddaughters
whose mother has just died and I want to help them. Can I buy flat in their names and mine?
Submitted: 2 years ago.
Category: Family Law
Expert:  Clare replied 2 years ago.
Hi
Thank you for your question.
My name is Clare
I will do my best to help you but I need some further information first.
What is the value of your assets in total and how much would you intend to spend?
Clare
Customer: replied 2 years ago.

150,000

Customer: replied 2 years ago.

I intend to spend £150,ooo

Customer: replied 2 years ago.

I have spent a great part of this day trying to get a response to my question but in vain! Please refund my money. NB if I want to discuss

the value of my assets I will do it with my accountant. It seems to me

to be a way to extract private info from me.

Expert:  Clare replied 2 years ago.
Hi
My apologies for the delay.
What I am trying to establish is whether you intend to spend the majority of your assets - in which case there could be issues with the Local Authority; or if Inheritance Tax is an issue
Assuming that in fact you have ample other assets to cover your care then there is no reason why you should not purchase a property in your joint names but there will nee dto be a clear understanding of the share you will each have of the equity and you need to discuss the Inheritance Tax issues with your accountant
Please ask if you need further details
Clare
Customer: replied 2 years ago.

Thank you. I will do that.

Expert:  Clare replied 2 years ago.
HI
You are most welcome - I hope all goes well
Clare