raising capital

[clem]

Jurisdiction

United Kingdom

Are there any legal requirement if we sell 50% of our property to a son at full market value but to continue to live in it to raise money for our retirement.Our son lives in his own propery.

 

[army judge]

Are there any legal requirement if we sell 50% of our property to a son at full market value but to continue to live in it to raise money for our retirement.Our son lives in his own propery.

Before you proceed to act upon selling 50% interest in your property to your son (or anyone for that matter), I suggest you consult a real estate attorney.

What you're considering could complicate your life immensely.

You are better off doing a "reverse mortgage".
Why?
Because a "reverse mortgage" pays you, monthly, the equity you have built in your home.

I suggest you research the benefits and the disadvantages of a "reverse mortgage".

I urge you to do nothing, until you've consulted with a real estate, or a general practitioner attorney.

 

[Betty3]

I might mention you do have to be at least age 62 to do a reverse mortgage.

 

[Betty3]

Here is some info on a reverse mortgage.

Top Ten Things to Know if You're Interested in a Reverse Mortgage - HUD