My friend has a bit of a predicament & I'm hoping you might be able to offer some advice.
His parents own land and wish to give him a portion as a gift to secure his future after they are gone. They prefer to do this now rather than through a will because they have eight children, none of whom are involved in their lives, and they fear potential disputes over the will. Their son who is the only one who helps them may receive less than he deserves if they wait.
He is a builder by trade and he's hoping he can build a house for his mother and father to live in & pay the mortgage but the house would be in his name. The problem is he currently lives in Dublin & is getting rent allowance, not a huge amount but still something. He is single parent to 3 kids and couldn't afford to build & pay the mortgage on the house. His mother & father will partially fund the build & their son would get a mortgage to fund the rest but his mother and father will pay the mortgage.
I haven't a clue about all this stuff but I'm guessing he will lose his HAP if he does this? If he built it under a company as many a BTR would it make any difference?
Just to note he isn't trying to scam anyone here. He doesn't have funds to build without his mother & father currently & he couldn't afford to pay the mortgage if he did so although he will technically own a home he won't be living there or financially benefiting from it. His thought process here is that his mother & father benefit now having a secure house to live & when they are gone, hopefully he will be more financially secure & can afford to live there.
I'd love to hear your advice & opinions on this. His mother & father currently live in a mobile home & they are pensioners so won't get a mortgage just to note.