How can a group of families best combine together to purchase a property with the intention it be occupied by their disabled children?
There are at least four ways that relatives can combine resources to buy a property for sons and daughters: • joint ownership through a limited company participating relatives form a company limited by shares. The company will buy the freehold of one of the family’s property or a new property. Occupancy of the sons and daughters will be on the basis of tenancies from the company to the individual occupiers. Loans required to purchase or adapt the property will be to the company. It is possible that a lender will want guarantees to be the joint liability of the participating relatives. This means that each relative is responsible for all other relative’s liability, not just their own. This may be a significant risk where borrowing is concerned. • joint ownership participating relatives buy the property in their own names. In law the maximum number of joint owners is usually four. The relatives jointly own as ‘tenants in common’. Occupation would be on the basis of individual tenancies –
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