Brainstorm- Best way to help as a parent

DotingDad

Hello All

My child and partner are presently in rented accommodation but are expecting a child and "no children" is a condition of the tenancy.

I (with my wife) would like to help them buy somewhere by putting up the deposit which they can then repay me over time.

However I'd like some security and being named on the deeds as a tenant in common owner seemed at first sight the way to do it. It seems though, from what I've heard, I (we) would also need to be named on their mortgage which I don't want since I would need to borrow on my own property.

Is there anyway I can reflect and secure my 20%, 25% or whatever interest in any property they buy without also being potentially liable for their mortgage?

I'm also aware that (with the best will in the world) "partnerships" break up and that is another reason for wanting to secure any money I (we) put up.

Any thoughts gratefully received!

poppysarah

Help them move to somewhere (rented) where the landlord isn't such a divvy.

DotingDad

poppysarah wrote: »

Help them move to somewhere (rented) where the landlord isn't such a divvy.

That's one idea I guess but rent is "dead money" and as they plan to stay in the area they are for the forseeable future buying is a better option.

poppysarah

Buying might be a better option if
- house prices were more affordable
- they could save their own deposit.


Renting isn't dead money - and it enables people who can't afford to buy a house to have somewhere to live.

One reason house prices haven't dropped is that the bank of mum and dad have been interfering.

You don't pee money so it seems silly to put yourself in a position where you could be throwing it away.

G_M

DotingDad wrote: »

Hello All

My child and partner are presently in rented accommodation but are expecting a child and "no children" is a condition of the tenancy.

It's an unenforcible clause/condition. Human Rights Act "right to family life".

If the landlord attempted to evict on the basis of this contract clause the judge would laugh him out of court and award the court costs to the tenants.

Having said that, what kind of tenancy is it? Fixed Term? Ending when?
If it ends soon, or is a monthly Periodic, the the LL can give 2 months notice with no reason so would not need to rely on that clause.

Will the LL really take that line?

DotingDad

poppysarah wrote: »

Buying might be a better option if
- house prices were more affordable
- they could save their own deposit.


Renting isn't dead money - and it enables people who can't afford to buy a house to have somewhere to live.

One reason house prices haven't dropped is that the bank of mum and dad have been interfering.

You don't pee money so it seems silly to put yourself in a position where you could be throwing it away.

I don't want my future grandchild to be dependent on the whim (or not) of a landlord. I've worked all my life to do the best for my family.

I do see your moral argument re "the bank of Mum and Dad" but I have to do the best for my family with conditions as they are rather than as I'd like them to be.

DotingDad

G_M wrote: »

It's an unenforcible clause/condition. Human Rights Act "right to family life".

If the landlord attempted to evict on the basis of this contract clause the judge would laugh him out of court and award the court costs to the tenants.

Having said that, what kind of tenancy is it? Fixed Term? Ending when?
If it ends soon, or is a monthly Periodic, the the LL can give 2 months notice with no reason so would not need to rely on that clause.

Will the LL really take that line?

They had 6 months but are now on a rolling 1 month.

the place is not really suitable for a baby. They took it, despite the poor condition, because it was relatively cheap and close to work.

It was always going to be relatively short term.

poppysarah

DotingDad wrote: »

the place is not really suitable for a baby. They took it, despite the poor condition, because it was relatively cheap and close to work.

It was always going to be relatively short term.

I think you need to let your 'child' be an adult.
Just my opinion though. I'm sure your 'child' would like thousands of pounds toward a bigger debt.

They need to learn to make good decisions.

duchy

I don't see why you couldn't draw up a seperate legal document between you and the couple with a solicitor to cover the more obvious pitfalls. It's a financial risk though so you'd be best paying for proper professional advice rather than taking the word of faceless forum members in this instance.

DotingDad

duchy wrote: »

I don't see why you couldn't draw up a seperate legal document between you and the couple with a solicitor to cover the more obvious pitfalls. It's a financial risk though so you'd be best paying for proper professional advice rather than taking the word of faceless forum members in this instance.

I will take proper advice before I actually do anything.

However I thought it worth posting here too as there is potentially a lot of pooled expertise with the thousands (?millions) of people who read this website and perhaps others have encountered the same problem or have knowledge of it from a professional capacity.

I called the thread "brainstorm" as i'm still trying to crystallise my own thoughts on what to do.

DotingDad

poppysarah wrote: »

I think you need to let your 'child' be an adult.
Just my opinion though. I'm sure your 'child' would like thousands of pounds toward a bigger debt.

They need to learn to make good decisions.

Agreed sometimes circumstances blow those decisions out of the water though.

Hence my trying to help...