However, the last 20 years has seen a perfect financial storm brewing for the next generation. The cost of further education, entertainment, transport and, in particular, accommodation and property has increased to a whole new level, creating ‘Generation Rent’ who are finding that their finances are squeezed and they are turning to their parents in ever increasing numbers.
To help parents who have become the Bank of Mum and Dad or those who are planning to buy a first home with financial help from the family, Wellers and The Family Building Society have prepared this valuable guide on the legal issues you could face.
For further information on how Wellers can help with Bank of Mum and Dad transactions, click on the links below:
- Tax implications
- Useful documents and rules
- Be prepared for what can go wrong
- Government sponsored schemes
- Providing finance as a gift
- Providing finance as a loan
- Providing finance through family assets
Minimising the risk
If you have become the latest branch of the Bank of Mum and Dad then you may be considering, or are likely to consider, ways to help your children get on or climb the property ladder. As we know, there are many areas of the country where this is a very expensive commitment, so it is vital that legal advice is sought before any action is undertaken. Furthermore, it is important to ensure that any assistance you give does not expose you or your family to any unnecessary risks or issues that may threaten your own financial security.
Our specialist team is dedicated to answering any practical, legal and taxation questions (and those your children may have) as you help the next generation of your family progress in life.
Experienced solicitors for legal advice on BOMAD transactions
As a multi-disciplined legal practice, Wellers is able to bring together legal expertise on property law, family law and private client services such as Wills and trusts and also company law where business finances may be involved. We combine these areas of knowledge to provide the answers and assistance you are seeking.
If you want to draft a parent to child loan agreement, or you wish to protect yourself as you provide a mortgage for a family member, we can help. Or perhaps your parents have provided you with a gifted deposit and you need a gifted deposit letter for your lender, our team can assist you. Whatever your BOMAD issue, Wellers has the expertise to help.
Wellers Law Group – Solicitors who are here to help
Please contact us if you need to know more. You can fill out our enquiry form and we will get back to you.
If you can’t find the information you are seeking or just want a fuller explanation please call us. We have a number of offices in and around London that may be convenient for you to contact but we will be able to help wherever you are based.
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