It might be that you are in the fortunate position that you are able to help them out, whether by making a contribution to part or all of the deposit or perhaps even a larger amount of the overall purchase price.
We are often asked about the different ways of structuring such an arrangement. If parents are making a substantial contribution to the purchase of a property, whose name should appear on the title deed? It might be that by making such a contribution, you would be happy for this to be an outright gift to that child but equally, you might have concerns about your child receiving such a large sum of money at quite an early age and at least initially, want to structure this as a loan. You might have other children and be keen to equalise the position either now or at some point in the future so would need to think about how that could be achieved. What about protecting your contribution from your child’s (present or future) boyfriend/girlfriend/wife/husband?
There are lots of things to consider and we would encourage you to speak to a solicitor about putting in place a written Agreement at an early stage to ensure the arrangement is properly recorded and that the terms are properly understood between the parties. It is important to also take advice onthe tax implications of the arrangement to ensure there are no surprises at some point in the future, for example on the sale of the property. Lastly, you should also review your Will to check whether this needs to be updated at all on account of what has been agreed.