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JGM, Solicitor
Category: Law
Satisfied Customers: 12088
Experience:  30 years as a practising solicitor.
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Currently my son and my soon to be daughter in law live with

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Currently my son and my soon to be daughter in law live with my husband and I. We intend to move out of our home into something smaller but my son and his new wife are going to take on our home but I am not sure how the best way t o do this is and would like advice.We need around £150000 in order to move somewhere smaller. The house s worth around £250000 and we own it outright with no mortgage.How would we go about selling the house to our son or gifting the housing and removing some equity to allow us to afford somewhere smaller.We also have another son who lives and works in Italy at the moment but would need to have some kind of legal agreement to ensure that he is not disadvantaged. Not sure which way to go with this ans would love some advice.Kind regardsAnnette Jackson

Thanks for your question. The easiest way to do this would be to sell the house to your son and daughter in law and they can pay you £150,000 by getting a mortgage. That enables them to get the house at a discount and they have essentially had a gifted deposit of £100,000 from you. You buy your own house and provide in your wills that your other son is to get the first £100000 of your estate with the remainder to be divided equally between them, or whatever you decide to do with the remainder. Happy to discuss. I hope that helps. Please leave a positive rating so that I am credited for my time.

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