How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Harris Your Own Question
Harris
Harris, Law Specialist
Category: Law
Satisfied Customers: 2725
Experience:  Family Law - Specialist in Divorce, Financial Relief and Children Matters
90234221
Type Your Law Question Here...
Harris is online now

I currently have ownership of a property in France....I'm

Resolved Question:

I currently have ownership of a property in France....I'm thinking of selling it and buying a property outright with my mum in uk...so that she has somewhere to live...both contributing to the purchase price - joint tenants on deeds, no mortgage.
This would enable her to live in secure accommodation....and i would inherit the property later.
My mum is a 76 year old pensioner, relocating back to UK from her own place in France, but she's going through a separation and divorce from her husband, and due to a series of unfortunate circumstances she will have much reduced funds...just enough to part invest in a UK property...and I would like to help her have a happy last few years if possible....to be close by, but at the some time retain my autonomy.
(I'm currently renting in uk - and this suits me fine for now... my mum and I both need our space...)
But would the above arrangement adversely effect my ability to get a mortgage on another property? What might be the financial options / benefits/ drawbacks for me if we proceed with the arrangement above?
Many thanks,
Tania
Submitted: 1 year ago.
Category: Law
Expert:  Harris replied 1 year ago.
Hi, thank you for your question. As the property is being bought with no mortgage it woulf not impact your mortgage raising capability.However, if you currently have any other property in the world then you be liable for higher rate stamp duty. If you have no other property, and buy this new one, and later wish to purchase another property you would be liable for higher rate stamp duty.Furthermore, you should consider whether youbdo actually wish to hold title as joint tenants or tenants in common. If joint tenants, upon death of one of the tenants the whole property passes to the other and cannot be passed on in a will, whereas tenants in common can pass on their share in a will.I hope this assists you. If you found this information helpful please provide a positive rating using the stars at the top of this page. I will not be credited for answering your question without a positive rating. Thank you
Harris and other Law Specialists are ready to help you

Related Law Questions