Unmarried Partner- deposit money as a gift to my bf

DRP

angelgirl12 wrote: »

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.

My partner and I decided to buy together 6 months into a relationship - I had no money for a deposit and she had ~35000 from the sale of her house (at 2003 prices) . The conveyancing solicitor advised us to draw up a tenancy in common agreement to determine our share of the house if we split up... could this be used in your situation?

...we never did get around to signing that agreement... and in 2011 it became a bit academic as we were married!

kingstreet

chezba wrote: »

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.

She can't be the donor because she isn't a family member/relative and will be living in the property.

Presumably in the case you refer to, he is, and won't.

BitterAndTwisted

It's not possible to own a property as tenants-in-common when only one party is the owner and is the only party raising the mortgage on it.

In the OP's position I would not enter into this arrangement or anything like it and buy once they are married.

You're planning to get married in about nine month's time any way, so what's the rush to buy now?

kingstreet

DRP wrote: »

My partner and I decided to buy together 6 months into a relationship - I had no money for a deposit and she had ~35000 from the sale of her house (at 2003 prices) . The conveyancing solicitor advised us to draw up a tenancy in common agreement to determine our share of the house if we split up... could this be used in your situation?

...we never did get around to signing that agreement... and in 2011 it became a bit academic as we were married!

No. To be a party to tenancy in common, she'd have to be a party to the purchase. To be a party to the purchase she'd have to be a party to the mortgage. She isn't credit worthy, as explained previously, so that's a non-starter.

Panda78

If you're getting married in 8-9 months time, there is no way i'd be purchasing a property now. My brother and his partner have just arranged a mortgage and wedding within the same year and the stress nearly split them up! It's too much unnecessary financial strain IMO and honestly, a good excuse for you to say "lets wait until the wedding is over and save a bit more money". You will be in a more secure position then to protect your input. If your boyfriend wants to rush this through before the wedding, which is just months away, then i would be wary of his intentions - sorry to be so blunt.

Richard_Webster

You could get him to agree that a restriction be put on the register preventing any disposition without your consent.

However, as I have said, if you want so much to protect your position you must have some doubts about the relationship.

C_Mababejive

Its not worth the hassle. Take my advise,dont live somewhere that your not legally entitled to live. It might be fine now but a few years down the line,the cracks will show.

Kynthia

Richard_Webster wrote: »

However, as I have said, if you want so much to protect your position you must have some doubts about the relationship.

I completely dissagree. Being sensible with your money does not mean you don't have trust.

Why do you have to risk large sums of money in order to prove you love your partner? Why not turn it around and ask why someone who loves you would ask you to risk your savings?

DVardysShadow

Richard_Webster wrote: »

You could get him to agree that a restriction be put on the register preventing any disposition without your consent.

However, as I have said, if you want so much to protect your position you must have some doubts about the relationship.

I think the horse and cart go this way around:

The need to invoke special measures to protect the financial position is causing doubts about the relationship.

Mr_Thrifty

Kynthia wrote: »

Quote:
Originally Posted by Richard Webster However, as I have said, if you want so much to protect your position you must have some doubts about the relationship.


Originally Posted by Kynthia: I completely dissagree. Being sensible with your money does not mean you don't have trust.

Why do you have to risk large sums of money in order to prove you love your partner? Why not turn it around and ask why someone who loves you would ask you to risk your savings?

What perverse logic! It's such perverse logic, in fact, that it's quite difficult to respond to. I think the key here is that you have put forward a very convincing argument for a tangential issue that is not disputed, and have mixed it with a partial response to the actual point. What a tricky character to have a discussion with! Do you work in "customer services" for [removed] by any chance? :-)