Hi All,
I've currently got the option of building a house on an empty land that my parents own. I am very tempted as it would be a good start and the cost will be low seeing as the property has been paid for already. What I would like to know is the legal implications if anyone has done it before.
Should I get the title of the land transferred to my name?
If I don't, how does that impact me for if I want to sell later on in life or any other impacts>?
The loan would be under my name but I understand that my parents would be guarantor seeing as they own the land.
Anyone with any experiences?
I've currently got the option of building a house on an empty land that my parents own. I am very tempted as it would be a good start and the cost will be low seeing as the property has been paid for already. What I would like to know is the legal implications if anyone has done it before.
Should I get the title of the land transferred to my name?
If I don't, how does that impact me for if I want to sell later on in life or any other impacts>?
The loan would be under my name but I understand that my parents would be guarantor seeing as they own the land.
Anyone with any experiences?