buying a house for someone else

knoxycube

her sister is really close to the children,like a second mother and think that's why she is doing this,she volunteered her services to my partner,she is cureently renting a flat and has no family of her own yet,she is a biological scientist and the money she earns is very good,the mortage is over 25 years,as for us paying the company i work for looks to be heading for privatization so have no idea at the moment if my job will be safe,i have qualifications in other lines of work but dosent mean nothing in this current climate.i will hopefully have more information tomorrow when i see my partner as i am sure they mentioned to the bank what was going on but not sure what the bank response was,but the bank has agreed to the mortage on the condition that the offer for the house was accepted,

G_M

Mad!

So for the next 20 years you pay the mortgage (OK, strictly what you're doing is providing the cash for the sister to pay....). Horror of horrors. You & girlfriend split up. Girlfriend blames you and sister takes the side of.... er.... You? Maybe not! Sister sells house (nice fat profit after 20 years). And you? are homeless.

You need legal advice and a deed/contract whatever. Or don't go down this road.

knoxycube

if her sister becomes our landlord is there anything her sister has to do become a landlord? does she have to register anywhere? declare that she is a landlord anywhere? etc etc i have no knowledge of this whatsoever

knoxycube

i know for a fact if i dont agree to this my partner will go ahead without me to get the children in a better environment.

knoxycube

this gets better.....not,i have just found out the mortage dosent cover the whole cost of the house and her auntie is covering the rest with a loan to my partner,

paint

Whether the Auntie, Sister or the Pope buys the house is irrelevent.

You will be a tenant, and the owner the landlord.

It's an insane idea.

And what of the Sister? If she wants to buy somewhere for herself and settle down, she'd be perfectly entitled to sell her house (because it will be hers) in order to buy somewhere for herself.

Assuming you are not trolling (and I have my doubts :rotfl:), the idea is absolutely insane!

hazyjo

This is a major decision. And your GF won't talk to you properly about it, or listen to your concerns? And you're thinking of going along with it - and expect this relationship to last over 25 years... you really think you're gonna want to stay in that house for the next 25 years? The sister must have a screw loose if she thinks her circumstances won't change in the next 25 years and won't want a mortgage, won't meet someone, won't want to sell up (no offence meant!).

Jeez... can't get my head round why anyone would even contemplate such madness. 'Mother figure' doesn't come into it - my mother certainly wouldn't be buying me a house, letting me pay rent on somewhere she owned, then letting me keep it at the end of her mortgage term! Anyway, this ain't a mother, it's a sister, presumably of a similar age to your GF.

Jx

knoxycube

no iam not trolling,only on here for some advice,looks like the best route would be to make it a landlord-tennant agreement but they have already have there agreement,i will keep you informed of how it goes in due course.i will voice my concerns to my partner but will probally fall on deaf ears,

hcb42

you could of course pay all this rent for 25 years and be chucked out at the end of it....you will never be more than a tenant, dont borrow money off family!

bdl1brick

It is possible but unusual and you will have to be careful what you say to solicitors and mortgage company!

I think someone else said before what you need is a trust deed saying you are entitled to any proceeds after the mortgage is paid on a sale and also presumable your sister-in-law is not liable for any loss in the case of negative equity, you and the lady buying the property will both need separate legal advice on signing this.

It would also be a good idea to add a second charge on the deeds as this would definitely stop any sale happening without your knowledge.