Grandfather wants name on deeds ??????

chewmylegoff

as others have said sounds like he's just protecting his own family.

one potential way of doing this is to get an offset mortgage - as the savings accounts offset against the mortgage can be in your individual names.

trouble with this approach is that if you do that the 35,000 would not form part of the deposit for the house, so unless you have other funds to use as the deposit, this may not help you.

tilerone

Thank you everyone for your responses.
Yes I appreciate he is protecting his grandaughter, that isn't the isssue and I wouldn't expect it any other way.
I am simply looking to protect MY PARTNER.
Her grandfather has history of screwing some of the family over. (Has always been great to my partner though)
He has now changed the goal posts from it being a gift and wanting name on deeds (fair enough) to..... since the house hads a lot of land he now wants some on this land signed over to him on the deeds to keep chickens etc. My partner is really upset over this as she AND I have plans for this land. To be honest WE are looking for away to stop him doing this DUE TO SOME LEGAL ISSUE but we do not want to seem ungratefull as we are VERY GRATEFUL. But my partner is that worried that she's even thinking of froget this house and find one without as much land so she doesn't have to confront him over this matter. LOSSING THIS HOUSE WILL BREAK HER HEART AND MINE .
So any more advice please on how to handle this ?

PS, Thanks for concerns over me and what I'm getting out of this/how I'm protected, but that's all sorted between me and my partner. But thanks again.

Jowo_2

Erm, have you ever considered that his future demands might include moving in with you when he's infirm so his grand-daughter can look after him? As a joint owner, won't he have access rights?

Scary how a generous gift is starting to have so many conditions to it.

poppysarah

He wants his name on the deeds AND to claim some of the land?

Now the moving in bit would scare the heck out of me.

lemontart

ah land - sound investment long term me thinks what line is he in - not a builder per chance - perhaps if is causing so much grief it may be worth saving longer to negate the need for the gift

puddy

forget the idea of the house, save up your own deposit and get a mortgage between you in a couple of years. sounds too manipulative to me and unclear about what his intentions are. money and family dont mix

Emy1501

tilerone wrote: »

Hi there,
I currently live with my partner in rented property. Her grandfather has decided to give her £35,000 towards a deposit to buy a house. The mortgage is going to be in her name alone (due to me being self employed and other things). It will be my money that is invested in renovating the new property.
Now this money we were told was going to be a gift. But now he has decided he wants his name on the deeds, and has told my partner it is for TAX reasons. I have looked into this and can find NO reason TAX wise (inhertance or otherwise) that his name should be on the deeds. I have read loads regarding inheritance tax and understand thresholds etc etc and that once he passes away, depending on the value of his total estate we maybe stung possibliy with IHT.

Can anyone tell me why he wouild want his name on the deeds regarding TAX ? And about any possible problems which may occur from this if he does die wether it be within the 7 yrs period or not, for us?
Any advice regarding this matter or pitfalls to watch for is greatly appreciated
Thanks

PS. I will shortly be taking profesional advice on this matter too. But advice is welcome

By putting his name on the deeds he will half own the house and therefore be entitled to half of any profit etc when the house is sold. Also if he dies then there could be issues especially regarding CGT and also if his will does not leave his part of the house to your girlfriend.

I think there are ways of being on the deeds but signing over full ownership to one party but you will need solicitors advise on this.

It seems to me that your partners grandfather may see house as an investment rather than a gift and therefore you need to sit down and find these things out from now and draw something up legally if necessary.

tilerone

Emy1501 wrote: »

By putting his name on the deeds he will half own the house and therefore be entitled to half of any profit etc when the house is sold. Also if he dies then there could be issues especially regarding CGT and also if his will does not leave his part of the house to your girlfriend.

This is the sort of stuff I was looking for (CGT).....anything to make it that complicated when we explain it to him it puts him off the idea through legal issues and extra legal costs.

Thanks all again. I and my partner are off to a solicitors today to get the full low down on this matter. We can't wait any longer to resolve this. It has come to the point that if he insists on the land being signed over we are going to refuse the gift and sadly forget the house. Lets hope he see's sense or at least can't be bothered to get involved in it due to legal complications

PS ....No he ain't a builder..... But I am lol

Bufger

Personally i would either decline his gift or accept it in another form. Maybe get your gf to ask him if it would be ok to wait for the gift and have it in the form of paying for a wedding in the future. If his intentions are completely innocent then he would be happy to do something like this. if they're not so innocent he will insist it goes towards something he can invest in and then it will be clear enough you wont fall into the trap.

Save up a deposit so you can both own your very own home worry free.

Sounds like a scally to me.

getmore4less

This is getting overly complicated.

He is after something by the looks of it. Especialy if there is a history of this, been nice so far to GD but this is probably the first time he has seen an opportunity. having a share AND control is too much

her interests and the gift can be protected easily by other means having hin in folved is going to become a nightmare.

Tax reasons sound false, so ALRM BELLS,
Ask what these tax benifits are.
Asking for a bit of the land ALARM BELLS, don't do it

He opens himself upto a possible CGT liability when you sell but he could stop you doing this which would be a worry you do not want him having any say in what happens to the property.

If he dies there is no CGT but there could be IHT as part of this property will be in his estate.

If you are contributing to the cost of the place by paying any of the debt or by spending money fixing up then you want an interest in the property.

How much is the place costing and what are the estimates of the fixup costs. who will be paying what, you can then work out proper shares.

be carefull of any attempt to protect value of an investement and access to share of equity/profit. it should be one or the other not both.