Am I a dad worrying to much???

mountainofdebt

I was under the impression that you couldn't be named on the deeds of a property without being named on the .

That said if things did go pear-shaped and it was only your future SIL's name on the deeds, your daughter would be fighting for the equivalent of her contribution to the running of the home.

Also - as already been said - if anything was to happen to your future SIL, your daughter may fall foul of the inheritance laws if there was no will. Even if he did leave everything to your daughter, more inheritance tax may end up being paid than if the house was jointly owned.

seraphina

Transfers of property, cash or pretty much anything else between a husband and wife on the death of one spouse are exempt from inheritance tax, for what it's worth.

arcaic

Thanks to all those who see where I am coming from.

I'm sure many parents are really concerned at the amounts their kids are mortgaging in order to buy a home. I'd like to say dont do it but they have little alternative if they want a bigger house and its their decision. I what right do I have to tell them not to?

It's my daughter, I am concerned for their security as well as happyness. I sincerly hope she/they will have many years of both.

If they get in trouble then not being on the mortgage may benefit them both allowing my daughter to get a loan/mortgage in the future and insulate her from claims from any bank/bs.

But if things do go wrong (marritally) then I'm not sure any seperation looks at the black and white of who owns the house. If both parties have been contributing to the household (ie one staying at home, looking after the house etc..) then they will have a benificial interest in the property.

So not being on the deeds may help in certain circumstances but I think may not hinder in any event.

To those that seem to think badly of my motives then I'm sorry that you can only see that side of what is a genuine concern. None of this is hidden from my daughter and her fiance. We have discussed these things and her fiance is a party to the discussion.

The sole reason for joint names as 'Scooby_man' mentioned is that it feels right for them to do it and thats fine if they decide that way but an older head (not neccessarily wiser) says that a 'feeling' isnt always the best thing to base such an important decision on.

I dont know the answers hence the question in the first place.

And robert - If you have something to say just say it. Being cryptic serves no purpose and helps no one.

hoyin

I am a similar situation ... though I am buying a place with my gf whom I am to marry in July.

I have found out that I cannot have the deeds with my gf's name on it as I am the one getting the mortgage. However you can pay to put it on at a later date after you get married.

Which I think would be advisable - because if something did happen and I died and my wife was not on the deeds the bank would reposes the house immediately and my wife would still need to pay back the remaining mortgage. Whereas if she was on the deeds she would still have a roof over her head and be able to sell the house and pay back the mortgage???

Is this correct? It is what I understand so far.

Robert_Sterling

clutton wrote:

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

Yes. In due course.

Robert_Sterling

"Although it has got nothing to do with him, as his daughter is an adult."
It has got a lot to do with him. He will always want to help his daughter with fatherly advice and perhaps even financial assistance.
"I do see his concerns about his daughter."
Me too
"I would do the same if my daughter was in the same position. I would certainly insist the house is in their joint names"
This is my view 100% but it entirely opposite to what the OP is suggesting. They should own the house as Joint Tenants at least initially.

About 50% of marriages end in divorce/separation.
I have always thought it goes without saying that each partner would have a half share in any property. Something along the lines of --- All my worldly goods with thee I share until ---.

P.S. To original poster. My somewhat cryptic first message was intended to stir up a bit of discussion.

barnaby-bear

arcaic wrote:

My daughter and her fiance are buying a new house.

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.

Any thoughts gratefully received?

Andy

Somewhere else there's probably a post saying

"My son is sinking all the equity from his home into a new house with his fiance, he will be paying the whole of the mortgage and the house will be in joint names. I'm really worried his non-contributing fiance, will run off with someone else at a later date and fleece him for everything he has"

:rotfl:

Alan_M_2

That's actually a very pertinent post....

mrsc_4

Being a daughter who values her Dad's opinions (i'm a real daddies girl despite being married I always turn to my Dad after asking my Hubby) why not try and talk to your daughter and explain your concerns.

Incidentally when we took out our mortgage my Dad was concerned about the amount etc but did understand that it is harder for people now to get onto the property ladder now than it was when he was my age. We were grateful for his concerns and any advice he could give us, - he gave my Hubby great advice when he brought our flat (I wasn't on the mortgage but moving in anyway).

Yasmin02

Hi

I guess it all depends on how much you trust your daugthers boyfriend. I know from a very messy experience that you should do everything to protect your daugthers interests in the property. If they are buying the house in both names is your daughter contributing towrads the mortgage each month? IF so I guess she would want a share in the property if they were to split up.

From my experince if you are named on the deeds then say for example her boyfriend did not keep up his mortgage repaymentes on the properyt then yuour daughter would be liable.

I would serioulsy consider taking legal advice on this situation to protect your daugthers interests on the property. I can only talk from experience and I was in a similar situation some time ago, I bought a property with my new ex bf, had a 'trust deed' set in place to register my interest in the property etc.
When we split up (and it may well happen you can never predict the future) he refused to sell the ouse i had to go to court to force the sale of the property via the trust deed. I do not writing this to scare you in anyway you just need to protect your daugthers intresets as far as possible.

Hope this helps.

Yasmin