Unmarried Partner- deposit money as a gift to my bf

angelgirl12

I am buying a new property with my bf. I have poor credit rating and hence the mortgage is on his name only. I am paying half of the deposit though. My bf says that the lender won't accept my money as deposit. The only way they will accept any money from someone else is his relative or parent and who declare that it is a gift. That would mean, I would have to declare this money as gift and transfer it to his relatives account who would then give him the money as gift.

I feel disheartened as I lose out. I don't have my name on the mortgage or the title deed for the house. Is it possible to have my name of the house deed? Since I have to give the money to his parents delcaring it as a gift, if God forbid but if we split up, I have no right at all to that deposit money as well. I can't even sign a deed of trust protecting my interest as I will have to pass the deposit money as a gift. Please advise. How do I protect my interest?

marleyboy

I have never heard of such a condition, if I were you I would ask the lender personally about this condition, as it sounds a little dodgy to me. It would be enough for me to turn around and say "It doesn't matter - I think I will save it for a rainy day instead."

hotpot1000

as unmarried partner if you have no paper trail to what you pay into a house in someone else's sole name then you might end up without a claim to any of it if you were to part.
I would NOT do this, how will you claim what's yours if you need to?

I think anyone can have their name on a house deed, someone will be along to tell you for sure

CLAPTON

hotpot1000 wrote: »

as unmarried partner if you have no paper trail to what you pay into a house in someone else's sole name then you might end up without a claim to any of it if you were to part.
I would NOT do this, how will you claim what's yours if you need to?

I think anyone can have their name on a house deed, someone will be along to tell you for sure

in general, the mortgage lender will insist that the names on the mortgage are the exactly the same as the names on the deeds

BitterAndTwisted

DO NOT DO THIS! If you're not going on the mortgage or the property deeds and there will be no Deed of Trust you will be in danger of losing everything. In fact, it's almost guaranteed.

jgh

Go to another lender. It's your money, you must have your name on the mortgage and deeds. And don't make any agreement "I'll pay the bills, he'll pay the mortgage" or anything like that. Add EVERYTHING up and if you can't afford half and half agree that you pay a fraction of everything. And make a will.

I keep saying "make a will" in relation to mortgages, I wish lenders were forced to get borrowers to make a will before lending to them.

Gonzo33

Speak to a solicitor. Some will give you a straight answer to the question without having to pay a fee for a one off.

I would suggest not doing what your bf wants as something sounds seriously awry. I got lent some money to help me buy my current property by a relative and they placed a second charge on the property. If you cannot get on the deeds I would suggest something along those lines, but you really need good legal advice. Do NOT agree to your bf's suggestion without seeking advice first, please.

kingstreet

It's typical in the current market for lenders to be unwilling to accept deposits from those who will not be party to the purchase. Santander is the best example of this, although there are others.

As has been said, there is no way to protect the OP's "investment" if the money is being channeled via a third party relative of the OP's other half.

Kynthia

It's very common but being in love doesn't mean you should make risky/daft financial decisions!!!

Buying a property with an unmarried partner is risky as it's a massive purchase and the debt will most likely be for longer than the relationship. There is no legal agreement for what should happen if you split, one wants to sell and one doesn't, there's negative equity, unequal amounts have been paid, etc. People can minimise this risk by getting a Deed of Trust or a cohabitation agreement. You appear to be considering giving your money away to someone who is legally a stranger and hoping for the best!!!! This is insane and most likely your partner wouldn't do it.

Talk to an idependent broker about finding a mortgage company that will allow you to be named on the mortgage and deeds. Possibly get legal advice from a solicitor and if you do buy together get a Deed of Trust.

Richard_Webster

If you love and trust each other what is the problem?

Unless you have some principalled objection to it, why aren't you getting married?

If you are not ready for that commitment, what are you doing going into this kind of financial commitment together?

If your level of trust for each other is more limited then you should be questioning the strength of your relationship and whether it is wise to buy a property in the way proposed.

On a legal point, the vast majority of lenders will not agree to the names of the registered proprietors (owners) of the property being different from those borrowing from them.

Mr_Thrifty

This is very wise advice indeed. Nice to see someone write something other than the left-wing PC "have your cake and eat it" loose-women style claptrap you so often see these days.

Richard_Webster wrote: »

If you love and trust each other what is the problem?

Unless you have some principalled objection to it, why aren't you getting married?

If you are not ready for that commitment, what are you doing going into this kind of financial commitment together?

If your level of trust for each other is more limited then you should be questioning the strength of your relationship and whether it is wise to buy a property in the way proposed.

On a legal point, the vast majority of lenders will not agree to the names of the registered proprietors (owners) of the property being different from those borrowing from them.