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Advice for a Student!

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  • Advice for a Student!

    Hi everyone,

    It is my first post on this forum, I am a 19 year old University student hoping to get my foot on the property ladder, as the dream is to maybe make a nice living from either buying to let or developing.

    I do not come from a particularly wealthy family however during the 2 years that i have been studying i have been saving some of my student loan, along with holding down a part time job in order to have a good start in property when i graduate.

    I am in a situation where my mother has lived in her council house now for 21 years and would like to help me out. I have advised her about the Right to Buy scheme, and by using the calculator on the right to buy website it estimates she could buy her house for approximately £51,000. My mother, knowing that I would like to get into property, has kindly suggested that she will buy the house and then give ownership to me so that i can then rent it back out to her, of which she will pay me using her DSS payments as she is physically unable to work.

    Theoretically, i could then use her DSS payments to put some money away for the general upkeep of the house and the rest to pay for it's mortgage.

    When the time is right, my mother would like to move away, so i would like to be able to sell the property she is currently in and use the profit to put a deposit on a property for which she could live in elsewhere.

    It all sounds so very simple and i know that property is not like that. Can anybody with maybe experience of doing something like this or similar advise me of any setbacks/legal issues/other issues that i may face along the way?

    It is only an idea which we have suggested recently so nothing is set in stone. I am just hoping to get an idea of the options available.


  • #2
    Re: Advice for a Student!

    If she gifts the property directly to you, you're probably going to be looking at a significant tax liability.


    • #3
      Re: Advice for a Student!

      Could you further explain what you mean by tax liability? Would there be anyway that i could avoid this? I understand you are a respected member of this forum so who better to ask? Haha!