Hi, my son inherited my late mother-in-laws house, and myself and wife manage that for him. My wife has grant of probate and is sole executor of her mums Will.
He's already reached the age at which the Will stated the property would pass to him (23), but he's currently busy with Uni. We let out rooms to pay the bills, but we haven't got around to transferring the deeds into his name yet. It's not a house he'll ever live in, the plan is to develop the property then sell.
But that's secondary priority.
Initially he would like to buy a property with my help local to his Uni, part reason to save on renting and also as a property development investment which he'll then sell on once Uni is done.
Can he be considered a first time buyer?
Many thanks
Paul
He's already reached the age at which the Will stated the property would pass to him (23), but he's currently busy with Uni. We let out rooms to pay the bills, but we haven't got around to transferring the deeds into his name yet. It's not a house he'll ever live in, the plan is to develop the property then sell.
But that's secondary priority.
Initially he would like to buy a property with my help local to his Uni, part reason to save on renting and also as a property development investment which he'll then sell on once Uni is done.
Can he be considered a first time buyer?
Many thanks
Paul
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