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    • Medis111
    • By Medis111 10th Sep 17, 12:41 PM
    • 43Posts
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    Medis111
    Buying house with partners deposit
    • #1
    • 10th Sep 17, 12:41 PM
    Buying house with partners deposit 10th Sep 17 at 12:41 PM
    Hi,

    Just in a process of buying a first house as a couple, however my partner has been bankrupt in the past and for obvious reasons could not get a mortgage. Therefore I'm getting the mortgage in my name only. I have the mortgage in principal, however I did not have enough funds for the deposit and all the fees involved. My partner transferred £4,500 for the deposit. I just received the letter from the solicitors and noticed there is a questions about the deposit, if it is gifted etc.. We have to move out in 4 weeks of our current place and don't really want any delays. What's is the best thing to do here? Do I say that I received the money as a gift from my partner and she has no interest in the property? Do I say my partner has owed me that amount and just gave it back to me? I don't want this falling through as we don't have much time left. thanks for your help.
Page 1
    • G_M
    • By G_M 10th Sep 17, 1:26 PM
    • 41,067 Posts
    • 47,178 Thanks
    G_M
    • #2
    • 10th Sep 17, 1:26 PM
    • #2
    • 10th Sep 17, 1:26 PM
    Well, is it a gift to you? A loan? Repayment of a loan? We don't know but you and your partner do.

    Is your partner expecting any rights to the property?
    Has you mortgage lender asked for the names of all adults planning to move in? And asked your partner to sign a disclaimer?

    Why do you " have to move out in 4 weeks"?
    • 00ec25
    • By 00ec25 10th Sep 17, 1:30 PM
    • 4,760 Posts
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    00ec25
    • #3
    • 10th Sep 17, 1:30 PM
    • #3
    • 10th Sep 17, 1:30 PM
    you have a simple choice:
    a) lie
    b) tell the truth. This latter case will require you to agree if partner has any claim to a share of the property or not and sign a letter from the lender that will ask for such confirmation. If partner does have an interest it may impact how much the lender will loan you.
    • Medis111
    • By Medis111 10th Sep 17, 1:40 PM
    • 43 Posts
    • 7 Thanks
    Medis111
    • #4
    • 10th Sep 17, 1:40 PM
    • #4
    • 10th Sep 17, 1:40 PM
    I will put her name down next year once I bought the house. We are going 50:50 on it. I've just transferred that money back to her and waiting for my friend to transfer £3,000 that he borrowed 3 months ago. Once that's in I will have enough for deposit. I wasn't expecting to get that back until November, that's why I was borrowing from her. Are they going to question why there is in and out transaction of £4,500? We have to move out because the house we are currently in has been sold, but we did not want to buy it.
    • ACG
    • By ACG 10th Sep 17, 1:57 PM
    • 15,390 Posts
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    ACG
    • #5
    • 10th Sep 17, 1:57 PM
    • #5
    • 10th Sep 17, 1:57 PM
    Who is the lender?
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • Medis111
    • By Medis111 10th Sep 17, 2:03 PM
    • 43 Posts
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    Medis111
    • #6
    • 10th Sep 17, 2:03 PM
    • #6
    • 10th Sep 17, 2:03 PM
    Its Santander
    • ACG
    • By ACG 10th Sep 17, 2:17 PM
    • 15,390 Posts
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    ACG
    • #7
    • 10th Sep 17, 2:17 PM
    • #7
    • 10th Sep 17, 2:17 PM
    I would find a new lender, as it does not fit their criteria:
    We will not accept a gifted deposit if:

    the person providing it will be living in the property, but is not named on the mortgage
    If you lie, you are risking a LOT.

    There is still enough time for you to get an application to offer and complete in 4 weeks. If you lie and waste another week or 2, there may not be. There are high street lenders who will do what you want, but only a couple.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • Medis111
    • By Medis111 10th Sep 17, 2:33 PM
    • 43 Posts
    • 7 Thanks
    Medis111
    • #8
    • 10th Sep 17, 2:33 PM
    • #8
    • 10th Sep 17, 2:33 PM
    I would find a new lender, as it does not fit their criteria:


    If you lie, you are risking a LOT.

    There is still enough time for you to get an application to offer and complete in 4 weeks. If you lie and waste another week or 2, there may not be. There are high street lenders who will do what you want, but only a couple.
    Originally posted by ACG
    Thanks for that, I just transferred the money back to her as mentioned in the post above as my friend gave me the 3k he owed me. My question is, will they be looking at the transaction from my partner and back to her? Since I got the 3k back, I am funding the deposit myself, so Im not really lying about where it came from.
    • ACG
    • By ACG 10th Sep 17, 2:36 PM
    • 15,390 Posts
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    ACG
    • #9
    • 10th Sep 17, 2:36 PM
    • #9
    • 10th Sep 17, 2:36 PM
    Speak to your solicitor and be open and honest. They will check it with Santander.
    I do not want to muddy the waters.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • theartfullodger
    • By theartfullodger 10th Sep 17, 3:12 PM
    • 8,878 Posts
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    theartfullodger
    Report trespassing & harassment to Police. Get crime reference number
    • davidmcn
    • By davidmcn 10th Sep 17, 3:32 PM
    • 5,780 Posts
    • 5,531 Thanks
    davidmcn
    Thanks for that, I just transferred the money back to her as mentioned in the post above as my friend gave me the 3k he owed me. My question is, will they be looking at the transaction from my partner and back to her? Since I got the 3k back, I am funding the deposit myself, so Im not really lying about where it came from.
    Originally posted by Medis111
    Your solicitor will be checking the source of your funds (for anti-money-laundering purposes, as well as confirming to the lender that the deposit is really your money) and is going to ask about the £3k from your friend. So be prepared to produce evidence that there was a loan. The money to/from your partner shouldn't be relevant if you're not using it.
    Last edited by davidmcn; 10-09-2017 at 3:38 PM.
    • phillw
    • By phillw 10th Sep 17, 5:45 PM
    • 801 Posts
    • 400 Thanks
    phillw
    Just in a process of buying a first house as a couple, however my partner has been bankrupt in the past and for obvious reasons could not get a mortgage. Therefore I'm getting the mortgage in my name only.
    Originally posted by Medis111
    Have you asked your mortgage company if your partner is allowed to live in the property? Some would want your partner to sign a deed of consent, that they give up any right they may have over the property to the mortgage company.

    Otherwise if you split up and he proves that he paid 50:50, then he could sue for half the house even though his name isn't on the property or mortgage. He could also claim that he can't be evicted & in some cases mortgage companies have found this to be the case. This can cause a problem for the mortgage company as they may only be able to recover half or none of the property if you default on the mortgage.
    Last edited by phillw; 10-09-2017 at 5:48 PM.
    • cjdavies
    • By cjdavies 10th Sep 17, 5:49 PM
    • 2,571 Posts
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    cjdavies
    Lying about it will delay the purchase.
    • ThePants999
    • By ThePants999 10th Sep 17, 6:33 PM
    • 791 Posts
    • 894 Thanks
    ThePants999
    Report trespassing & harassment to Police. Get crime reference number
    Originally posted by theartfullodger
    Just to highlight, there's a thread somewhere missing your post
    • May1996
    • By May1996 18th Sep 17, 11:38 AM
    • 2 Posts
    • 0 Thanks
    May1996
    would be interested to know the outcome of this post, did you manage to sort things out?
    • bris
    • By bris 18th Sep 17, 12:04 PM
    • 6,823 Posts
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    bris
    Your solicitor will ask this friend who conveniently had the 3k to give you back for a letter stating these facts. it's not going to be taken on your word alone.


    You need a paper trail regarding all the funds you have.


    Ah it's an oldish post, didn't notice that.
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