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I know this is probably a niche issue, but if anyone can advise on a good lawyer I would be very grateful.


My mother left me some money recently and I want to invest in a small property for the benefit of my children. Should I put it in their names and/or mine. Genuinely confused by the advice I have received. Can anyone recommend a good lawyer to help me. Thank you.

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I'm not a lawyer but a friend of mine has part owned a property due to similar inheritance.


Obviously it's been an amazing investment for him but it's been harder to get a place of his own (tax, mortgage) and still keep it so I guess you also need to think about how fexibje you need it to be in terms of a payout: is this for uni fees? To give them a desposit? Will you need to get large lump sums pus for them in nearish future. Or would rent income be fine. Knowing what you want it for is key here.


Because having it in your name might then work better.


Wonder whether you actually need a financial advisor - you are obviously going to need a lawyer anyway to sort out purchase legal stuff and they can implement your wishes re the kids.

As Elle78 said - I know someone who part owns a property due to an inheritance and now wants to buy a place with their girlfriend. The part ownership means that the stamp duty on the second property is 3% higher. Doesn't sound a lot but when you're buying somewhere for ???? (which let's face it, most of London is), it makes it a lot more expensive.


So many things to consider.... I can see why you want to talk to someone!!

The new SDLT rules have a big impact on passing ownership to minor children (IMO). There is also a loss of control issue if you give the property to the children who could sell it when they turn 18, although this can be partly dealt with by retaining an interest yourself in it. There are protection issues if the child gets married, comes under undue influences or has a bankruptcy once they turn 18.


The right time to gift also depends on your personal circumstances, both income tax and inheritance tax wise. Those are also both impacted by whether there will be a mortgage on the rental property. My dad invested money inherited from grandparents in our names to be tax efficient and then used those investments to help us buy our first flats which was less admin for him for 10/15 years with good growth and income. Probably not as much growth as if he'd bought us a flat but also no worries about unlet periods etc.

mm I can add that you think your children are sensible and grandparents save money for them, they get it when they are 18 or 21 and then the children can do things like cash in their ISA to travel the world- which is not really what the grandparent had in mind............... (.and you can get stuck in the middle of all this- even when they are 25. its a mine field. Who is to say what they do with their money :(

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