The ‘Bank of Mum & Dad’ - Current Guidance for Conveyancers
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The ‘Bank of Mum & Dad’ - Current Guidance for Conveyancers
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Introduction
‘The Institute for Fiscal Studies said parents would provide £17bn in gifts and informal loans this year. Most transfers come from the over-50s to children in their late 20s and early 30s…’
(The Guardian, 13.02.2023)
The bank of mum and dad is now reportedly the 9th biggest lender; which means that conveyancers must keep up to date with key issues in this risky area.
This practical webinar will look at some of the key points to consider when faced with acting for a buyer whose parents are contributing to the purchase price.
What You Will Learn
- What is a gift?
- What about the main lender?
- Are there any conduct issues?
- Problems with source of funds and source of wealth
- What about the guarantor?
- Are there any alternatives?
This webinar was recorded on 3rd October 2023
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