ex pat buying property

[gregro]

im an ex pat back for abit buying property in uk want to put in my 17 yr old sons name.but want to make sure no loans are taken out by him on the property ,:wavey:whats the cheapest easist way,1st charge or another way ,

 

[drgray]

im an ex pat back for abit buying property in uk want to put in my 17 yr old sons name.but want to make sure no loans are taken out by him on the property ,:wavey:whats the cheapest easist way,1st charge or another way ,

My understanding is that you need to add a charge on the title deeds, an RX1, which would basically mean you have to give permission for any other loan to be secured against the property.

Some people, who either can't get a mortgage or are unsure about how the property market will develop, are using what are known as lease or, more correctly, purchase options to take control of the property at a price agreed today and full completion happens in the future. So in reality you will exchange the contract now and have a delayed completion some years hence. Does that make sense ?:wink: