productive
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Grand parents looking to buy a property for two grandchildren without a mortgage costing 60K.
There will be no mortgage on the property.
The two grandchildren are under the age of 10.
Is it possible for the grandparents to pay for the property but the children own it.
Can the childrens names only be listed on the deeds.
The desire is not to involve the parents as they have their own property and bank headaches.
The purpose if doing this is to guarantee the family a home should the banks repoess their current home.
Alternatively, if this is not possible, can the grandparents and the grandchildren be listed on the deeds.
What would be the situation on death of the grandparents.
The property will require a major renovation so it expected that over 100K will be spent on the property, which will come from grandparents, parents and other family members.
The plan would be to rent the property until/if the current family home is repoessedsed.
What are the consequences if the family remain in their current family home and the property is rented for the next 8 years. Can the children recieve the income into an education trust.
Thanks in advance for any responses!
There will be no mortgage on the property.
The two grandchildren are under the age of 10.
Is it possible for the grandparents to pay for the property but the children own it.
Can the childrens names only be listed on the deeds.
The desire is not to involve the parents as they have their own property and bank headaches.
The purpose if doing this is to guarantee the family a home should the banks repoess their current home.
Alternatively, if this is not possible, can the grandparents and the grandchildren be listed on the deeds.
What would be the situation on death of the grandparents.
The property will require a major renovation so it expected that over 100K will be spent on the property, which will come from grandparents, parents and other family members.
The plan would be to rent the property until/if the current family home is repoessedsed.
What are the consequences if the family remain in their current family home and the property is rented for the next 8 years. Can the children recieve the income into an education trust.
Thanks in advance for any responses!