Unmarried Partner- deposit money as a gift to my bf

DVardysShadow

Mr_Thrifty wrote: »

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.

Times have moved on, Thrifty, Lefties are now trying to get the advantages of marriage as a legal relationship made available to any pairing of people without gender requirements.

BitterAndTwisted

I don't know who thought up this cunning wheeze but I can guarantee it was someone who does not have your best interests at heart.

Just by asking the question you know that this proposal is potentially dangerous to you. Be on the mortgage-application and have a Deed of Trust drawn up or don't give anyone a farthing.

DVardysShadow

angelgirl12 wrote: »

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?

Why is your bf telling you second hand what the lender or the broker are saying? If you have poor credit, the pair of you should be seeing a broker together and flogging through the issues.

As for your credit being poor, it seems that you have enough money to pay half the deposit - so do you know that your credit is poor or have you just been told by your bf that it is poor? [A quick outline of your finances would be helpful here]

I'm with B&T on this. I think you have some very hard questions to ask

BitterAndTwisted

If your boyfriend is dependent on your half of the deposit to buy this property you have a vast amount of leverage. Don't hand over a penny that you are not certain you will see again even if that means not buying.

Unless you will be happy to kiss "goodbye" to your contribution. Passing it through his parents' hands and calling it a "gift" is the quickest way I can think of to being mercilessly ripped off.

C_Mababejive

Can i give you some very sound advice OP though you wont take it. NEVER live in a house or pay towards a house when you have no legal registered interest in it.

chezba

Why can't you be the 'gifter'. We are selling our house to FTB at present and the father of one of the buyers is gifting the deposit - the only reason i know this is because their lenders have been faffing over it.

BitterAndTwisted

If the OP agrees to be the "gifter" there will be a paper-trail right back to her deposit-money thus facilitating a later claim on the property.

Boy-friend wants or needs her money but is unwilling to by with her. This could be completely cynical or a misunderstanding about how they could be able to buy the property together in the conventional way which protects both parties.

If you don't trust this person enough to marry them don't buy a property with them. Relationships these days endure a lot less longer than many mortgage-terms.

angelgirl12

Thanks for your advise everyone.

We know we want to get married in 8-9 months time. We will start planning soon. Nothing has been finalised yet.

Yes, the broker has mentioned that my credit check had led to the application declined before.

Richard thanks. The issue is not just aboue trust. I need to protect my interest as I have worked hard to save that money and if tomorrow we fall out, I will be left with nothing. You can never predict how somoene would react in future. I just hope for the best.

rosyw

C_Mababejive wrote: »

Can i give you some very sound advice OP though you wont take it. NEVER live in a house or pay towards a house when you have no legal registered interest in it.

I wouldn't go so far as to say to not LIVE in the house, but please safeguard your money. I speak from experience, having lived with my partner for 34 years, and invested HUGE amounts of money into the house, mortgaged and registered in his name only, when he died very suddenly, and despite him leaving the house to me, I lost nearly everything as due to health problems over the years his business had suffered and he was heavily in debt. When you are young it is hard to look so far ahead, and it's nothing to do with trust, or not caring enough to commit to each other, in my case I think the fact that we spent 34 years together proves our commitment, but I wouldn't want anyone to have to go through what I have.

poppysarah

Why not work on improving your credit rating so both you and your boyfriend can continue to save.

Why start out on such an unequal footing.

Unless you want to give your money away I would really really avoid this 'option' that has been suggested.