Am I a dad worrying to much???

arcaic

My daughter and her fiance are buying a new house.
They are going to me married in August.
They have been living together for 2 years in a house owned by her fiance.

The mortgage they are taking out is covered entirely by her fiance's income.

Currently they intend to buy the house in both their names but I wonder if there is any benefit in doing this.

Hopefully they will be happy together forever, both their jobs will remain secure and house prices will not crash but as a dad I am worried about the size of mortgage for their income and the house market as a whole.

If they were unable to keep up the payments for whatever reason wouldnt having the house in both their names would give the bank/bs two individuals to chase for any debts.

If they were to seperate at some point in the future I would have thought my daughter would still be seen as having a benificial interest in the house even though not on the deeds.

I just dont see any reason for both of them being on the deeds if they dont need to be and possibly some benefit if they are not should anything ever go wrong. I just dont see any down side (for either of them) if they are not both on the deeds.

Any thoughts gratefully received?

Andy

Robert_Sterling

How wrong can you be.
I will leave it to others to dot the "i"s and cross the "t"s.

clutton_2

Robert - can u explain ? that's not a very useful response ......

MJMum

Hmmmm, so what you are saying is that you would like your daughter to acquire some "beneficial interest" in the house without any of the risk or repsonsibility?

Sounds perfectly fair to me

play2day

If your daughter and son in law marry but the house is soley in his name it will not necessarily pass to her in the event of his death if he dies intestate. I believe she would be entitled to the first £120,000 of his assets without quibble but could be challenged about the rest?
If she is planning a family it is a good thing to use only one income to calculate the payments but joint names on the deeds will certainly add to her security.

kar

OK I'm probably going to sound rude here but what has this got to do with you. Your daughter is old enough to make the decision to marry the guy shes old enough to make decisions about having her name on the deeds of a house.

fivemice

Actually, just a thought, but if they weren't otherwise financially connected and something did go wrong and the guy went bankrupt, wouldn't the (then)wife be able to apply for a new mortgage? The flip side is that if it was the marriage that was in trouble and not the finances then I assume the wife would find it very difficult to lay claim to the house.

Good on you for caring arcaic :beer:

Scooby_Man

I can tell you that, from experience (not directly mine), years down the line your daughter will feel it that the house is not joint in her name. Its a psychological thing which becomes more prominent as a couple progress in their marriage.

loulou41

Although it has got nothing to do with him, as his daughter is an adult. I do see his concerns about his daughter. I would do the same if my daughter was in the same position. I would certainly insist the house is in their joint names.

southernscouser

Is everyone on this board as rude as some of the posters on this thread?

I'm glad I'm in debt now so I don't have these people posting on my mortgage advice threads! :rolleyes:

bobbie78

maybe this will help sharetobuy.com