House purchased for Son 10 years ago with £50,000 from Son, and gift of cash from his Mother and I.
For the balance his Mother and I took out a mortgage on the property over 10 years, which has just been redeemed. Title deeds had to be in our names to obtain the mortgage. Now transferred to Son, as agreed when purchased.
He has lived there ever since purchase date.
Paid ALL bills, including rates etc. Paid for ALL maintenance and repairs.
Never paid any rent.
He has always known it was 'his' house.
If he were to sell it all proceeds would be his alone.
If he were to sell would he be deemed the Beneficial owner and be allowed PRR on any increase in value.
Thank you
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