Parents giving my partner and I £50 000 deposit... how do I safeguard this money?

Kayalana99

GOD! Sorry I can't belive the amount of stick your getting.

I think most people are just jealous not to be in your postion of having 50k.

Understandably the parents want to gift the amount to YOU and its stupid to say you should not protect it because then you are saying the relationship might break down...

Me and my OH have a lovley relationship, we dont fight and have a mortage and I am pregnat with our 2nd child but even though ATM we have no problems whats to say something is not GOING to happen? My parents were happily married 15 YEARS before they got divorced. IT HAPPENS.

For god sake leave the OP alone this fourm is about helping people with thier problems not breaking down her lifestyle!!

rochja

olympics mummy it seems to me that you have received the advice you need. May I suggest you unsubscribe yourself from this thread now? It has served its purpose and there is no need for you to keep corresponding with trolls. The more I read the more I think I may have to change my signature to something about specks in eyes or casting stones. Best of luck for the future.

StuC75

It seems that this offer is causing more problems than the solution it was viewed as providing.

Is it more sensible to decline the offer? and why is renting viewed as 'wasting money'.

How much is this £50k as a percentage of house you are looking to buy?

How does this compare to you & your partners earnings?

What are the likely mortgage payments for the house you have in mind? and what % of this will be met by your partner.

Is there a time where you would view your partners over payment to rival your parents investment in this? Surely can see that the 'context' of what has been paid is quite different in Year 0, as to what it is in year 10,15 & 20.. When your Partners contribution may have far exceeded what your Parents & you have contributed.. Purely looking at it from Investment perpective - and devoid of the relationship ties..

Which to me seems the role reversal of what you are attempting to protect now - so really shouldnt be disregarded..

Simplest Approach your parents gift you the money (so doesnt enter the mortgage equation). You then have agreement drawn up that recognises larger deposit from you, but flexible in terms of your partners higher contribution over the years - which is valid whilst you are un-married. And that basically reverts to 50-50 split 'X' amount of time after being married as such agreements are largely pointless.

Home Maker \ Career Sacrifice \ Partners advancement only relevent where 'happened', or likely to have happened (If that makes sense)...

Mojisola

Tancred wrote: »

I believe there is a time limit on this - and if the gift is made well before there is any sign that they might need to go into a care home then it will be disregarded.

DOC relates to means tested benefits as well as care home fees although there isn't a time limit.

Tancred

Kayalana99 wrote: »

GOD! Sorry I can't belive the amount of stick your getting.

I think most people are just jealous not to be in your postion of having 50k.

I'm not jealous at all. Between myself and my wife we raised much more than that - but through inheritances.

Tancred

olympicsmummy wrote: »

I'm not even answering questions regarding my relationship and getting married as that is utterly irrelevant to the post.

:rotfl::rotfl::rotfl:

I beg to differ - it is entirely relevant, given the context of the situation.

chappers

For christ sake the poor girl came on here for some financial advice and you interfering lot are telling her how she and her boyfriend should be living and arranging their lives.
I'm sure they are more than capable of sorting themselves out.
Her parents would I'm sure be mortified if they split and her boyfriend walked off with half of this deposit.
Would you all be judging their relationship if she had come on here saying that at some point she needed to pay her parents back and needed to protect them.

Fire_Fox

I smell troll blood and possibly sockpuppets. :think:

lessonlearned

I second this. (Just edited to say I agree with Chappers)

Not entirely sure that I understand Firefox's comments about trolls and sockpuppets. (Sockpuppet is a new one to me!!!!).

Olympicsmummy - I would suggest you pay no heed to all the nonsense that has been thrown at you.

You came on here for sensible advice and you've had all sorts of people make all kind of inane comments and totally unnecessary moral judgements.

What you need is proper legal advice. Make an appt to see a solicitor, with your parents and with your partner. The first consultation will be free.

You solicitor will then be able to give you all proper advice to protect everyone's best interests, whether it be Second Charges, Deeds of Trusts, Wills and Probate, whatever.

I am just about to give my sons £20K to help them fund a joint house purchase and I have discussed this very thing with my solicitor this morning.

Please do not listen to those who would call you "hard hearted", "selfish" or "unromantic". What they fail to realise is that this issue is not just about you, it affects the whole family, your partner included.

It is as much in your partner's interests as it is in yours to get this sorted out at the outset. Factor in children with the attendant issues of guardianship as well as property, and you have a very complicated scenario which requires detailed thought and planning.

Life is full of challenges and surprises - you simply never know what lies around the corner. People get sick, they lose their jobs, they die, relationships break down - anything can happen.

Setting aside a little time and yes, money, now (trusts, wills, poa's etc) can save a lot of hassle, heartache and money in the long run.

Tancred

lessonlearned wrote: »

I second this. (Just edited to say I agree with Chappers)

Not entirely sure that I understand Firefox's comments about trolls and sockpuppets. (Sockpuppet is a new one to me!!!!).

Olympicsmummy - I would suggest you pay no heed to all the nonsense that has been thrown at you.

You came on here for sensible advice and you've had all sorts of people make all kind of inane comments and totally unnecessary moral judgements.

What you need is proper legal advice. Make an appt to see a solicitor, with your parents and with your partner. The first consultation will be free.

You solicitor will then be able to give you all proper advice to protect everyone's best interests, whether it be Second Charges, Deeds of Trusts, Wills and Probate, whatever.

I am just about to give my sons £20K to help them fund a joint house purchase and I have discussed this very thing with my solicitor this morning.

Please do not listen to those who would call you "hard hearted", "selfish" or "unromantic". What they fail to realise is that this issue is not just about you, it affects the whole family, your partner included.

It is as much in your partner's interests as it is in yours to get this sorted out at the outset. Factor in children with the attendant issues of guardianship as well as property, and you have a very complicated scenario which requires detailed thought and planning.

Life is full of challenges and surprises - you simply never know what lies around the corner. People get sick, they lose their jobs, they die, relationships break down - anything can happen.

Setting aside a little time and yes, money, now (trusts, wills, poa's etc) can save a lot of hassle, heartache and money in the long run.

I hear the noise 'ker-ching' in the solicitor's office!

:rotfl: