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My client, a 75 year old widow, recently sold her business for over £1 million. She used £250,000 to purchase a house in joint names with her son James. She does not live in the house, which is occupied by James and his children. My client did not wish to buy the house in James' sole name due to his history of financial mismanagement and failed relationships. I believed that this was not a bad way forward as at least £125,000 would be a potentially exempt transfer.
My client a 75 year old widow recently sold her business for over £1 million. She used £250 000 to purchase a house in joint names with her son James. She does not live in the house which is occupied by James and his children. My client did not wish to buy the house in James' sole name due to his history of financial mismanagement and failed relationships. I believed that this was not a bad way forward as at least £125 000 would be a potentially exempt transfer.
My client recently had a meeting with an independent financial adviser recommended by her solicitor and subsequently received a letter from him which started 'I am fully authorised to advise on the areas covered within this letter'. He then went on to say that 'in the case of James' house you are a co-owner of this...
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