I'm not aware of any legal reason why you cannot do that but if there is a mortgage on the property, the lender will have a view on it but as long as they are paid off, I cannot see it being a problem for them. However, I'm not a lawyer so the legality would best be taken up with a property solicitor.
As you are connected to your son for tax purposes, if you buy his house the transaction will be deemed to have taken place at the open market value and, unless the house has been his main home for the whole period of ownership and a maximum of the last 18 months of ownership if he hasn't been living there, he should have no Capital Gains Tax to pay.
If you sell the property back to your son for £1, again the transaction will be deemed to have taken place at the open market value but, given the short space of time between the transactions, there will probably be no CGT issue for you. You will also have made a potentially exempt transfer to your son of the difference between the open market value and £1 and that gift (£289,000?) will form part of your estate should you die within seven years of making it.
There may also be stamp duty implications. Take a look here
for information on stamp duty.
I hope this helps but let me know if you have any further questions.