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Buying a property at 16 - AMA

I will not get ownership till I'm 18, and it's not too great of a crib.
Any technical/general questions?

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Reply 1
Avatar for suga(r)
suga(r)
17
im 18 and i can't even afford a happy meal
Reply 2
Avatar for Reue
Reue
20
Original post by adamantacademic
I will not get ownership till I'm 18,


So... you're not?
Original post by Reue
So... you're not?


Sorry?
I'm purchasing the property however the contract will be signed by my parents.
Original post by suga(r)
im 18 and i can't even afford a happy meal


Haha
Reply 5
Avatar for Reue
Reue
20
Original post by adamantacademic
Sorry?
I'm purchasing the property however the contract will be signed by my parents.


So they will own it?
Original post by Reue
So they will own it?

Yes however I will gain full-ownership at 18.
Original post by Reue
So they will own it?


It sounds as if they will hold it in trust for the OP until s/he is 18. It will be "owned" by them (as trustees) but can only be used for his/her benefit and then will presumably revert to him/her in two years time. It is presumably being bought with his/her money or money held in trust for his/her benefit.
Original post by MonteCristo
It sounds as if they will hold it in trust for the OP until s/he is 18. It will be "owned" by them (as trustees) but can only be used for his/her benefit and then will presumably revert to him/her in two years time. It is presumably being bought with his/her money or money held in trust for his/her benefit.


" "
Reply 9
Avatar for Reue
Reue
20
Original post by adamantacademic
Yes however I will gain full-ownership at 18.


Ah I see. No mortgage?
Original post by Reue
Ah I see. No mortgage?


Nope freehold purchase at market price.
Reply 11
Avatar for Reue
Reue
20
Original post by adamantacademic
Nope freehold purchase at market price.


How much?
Original post by Reue
How much?


110
Does it feel good boasting about how rich your parents are?
Original post by ndireh32kwji32
Does it feel good boasting about how rich your parents are?


Nah
If you have any technical queries about commercial/residential property purchases, feel free!
how can you afford it at 16?
Original post by sanaa17
how can you afford it at 16?


I'm quite good at computer science, me and my mate made a programming business which got some investment, allowing us to make a decent bit of cash along the way!
How long is the lease of the property
Original post by tinycharlie
How long is the lease of the property


2 years I guess.

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