Protecting the Bank of Mum and Dad (and other similar “banks”) (Property Wire)

13 December 2023

The escalating property prices have made it virtually impossible for most first-time buyers to own a home without financial aid from family members like parents or grandparents, commonly known as the 'Bank of Mum & Dad'.

Partner, Jenifer Martindale, has written an article for Property Wire about how common for it is parents to help their children buy a property in this changing landscape. 

This shift in property purchasing methods has led to potential disputes due to unclear agreements about the nature of the contribution - whether it's a loan or a gift, and the terms if it's a loan. It's found that people often avoid making these agreements legal due to a relaxed approach towards their money's security.

Read the full article here

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