HIS equity or is it? getting married

nikkybelper

My soon to be husband brought his house 6years ago and had 100% mortgage , he has 3 children i have 2.Ive been living with him for 4 years now.But when we get married he will be signing 60% of his house over to his 3 children and keeping 20% for himself and putting me down for 20%. The house is worth 160 he brought it for 60.we will be having it extended soon and will be increaseing the mortgage and putting my name on it. But i will be putting in 10grand of my own money. To me i dont feel this is right, or is it just the way of the world or is there another way to go about it?????
He's having it in a deed of trust
Thank you all for the help so far

Broken_hearted

Its his house 10 grand for 20% isn't a bad deal.

MJMum

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MJMum

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Welshlassie

Why is he putting 60% down for his children?? Is there any prospect of you moving in the future? How would you do this if the children have a say in the mortgage? Do the children live with you and how old are they?

I find this a bit odd, but each to their own. When me and my hubby got married her had a house already. We bought a second house last year and during this process added me to the mortgage on the first house and purchased the second house using the equity that he had built up inthe first house, but we now technically owned them both jointly.

MJMum

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nikkybelper

his children are 11 3 and 10. two live with us. i know we be togeter for ever...lol... but when we get olds and he dies will they chuck me out??? or if i die will my kids get anything???? wedding one month away and we always fall out over this. whats the winning lotto numbers for this week

Spendless

Isn't selling the house a possibility, then an amount from the sale can go to his kids could go into trust/bank account for them. You buy a house together and make a will saying how it is divided up, when one of you dies.

Welshlassie

How is he going to be able to put under 18's on a mortgage??

What happens in the future in the future when his children get married if they then get divorced, the spouse would potentially be entitled to half of the 20% of the house that they have surely?? Not a nice thoughht, but something to be considered.

Have you consulted a solicitor on this?? Seems a very odd way of doing it personally, surely having a will with his requirements would be a better way of doing it??

Justie

is this in a will or is he setting up trusts or what? I can understand him wanting to protect his children's inheritence but I'm not totally clear on what he's actually proposing.

ka7e

Do you mean he is actually signing over 60% equity in the property to his children now? Because technically, when they reach 18, they could force the sale of the house to release their share. If he means to bequeath them a 60% share in the house (in the event of his death), then they can force the sale and just hand over 20% of the proceeds (minus 20% costs) to you. If you predecease him, will your children get the 20%?
You really need to see a solicitor to get the terms laid out clearly and in a way that won't cause huge upsets in the future.