Inlaws & Early Inheritance Question

DigForVictory

Do as my husband did and say absolutely, but the whole house is in the wife's name? Should anything go sideways, he can debate his share with a judge later, but such is not our intent & it has soothed a duvet of feathers.

Enjoy the palaver of your new home!

Glover1862

What is the OP bringing to the table.. nothing, so what has he got to lose? Dumb not to agree to it, it's not blackmail, it's conditions just as you would if you took a conventional loan/mortgage.

Sambella

AnotherJoe wrote: »

No, its not blackmail. Look at it from another perspective, all the FIL is doing is, instead of leaving £100k in will to wife, is giving it to her now.
FIL wishes to leave £100k to OP's wife, not the OP. Thats his right. He's just doing it before he dies and making sure that happens rather than half goes to SIL.

What the wife does with it afterwards is her perogative, for example she could, if she wished, after a divorce and she's got her 200k (as per the OPs example) give £50k to the OP. Seems unlikely though :-)

I have a similar situation but resolved it (IMO) better, by retaining the £100k (using this example) as mine, its an open ended loan not needing repayment until the house is sold.

Fair enough it is not blackmail but I tend not to like agreements like this.

As said above it may not hold water in divorce proceedings anyway.

If however, the wife had this money BEFORE marriage that's different, in my opinion.

mumps

Friends of mine did this but they were living together not married. When they split up the house was divided as they had agreed when they bought it. Don't know if it would be more complicated because of marriage. Maybe talk to a solicitor?

getmore4less

If daddy really wants to keep the money protected there are mortgage products that allow that to happen by keeping them totally separate.

........
What the daddy is proposing is a gift to the wife and then the wife lends the hubby 1/2 the gift as an interest free loan which hubby pays the wife if they divorce.

Then he is saying no matter who/how any debt is repaid they split the remaining equity 50:50.

This is not a bad deal for hubby as he gets to keep any equity growth on 1/2 the gift.

Although any divorce settlement could change the numbers or not even allow him to get his equity till the kids are independent adults.

Ultracheap

Can i just say thank you so much for he response's
Its great to get other people views and opinions.

To give a bit more detail the house would be in both our names essentially with the wife putting up a large deposit .

If things ever went sour (And we are happily married) what ever the house sold for i would have to give back my wife's deposit before anything else.

Ha anyone been through anything like this?

MallyGirl

what about if there is negative equity at the time of a split. It wouldn't be fair for her to get the full £100k then

Sambella

Ultracheap wrote: »

Can i just say thank you so much for he response's
Its great to get other people views and opinions.

To give a bit more detail the house would be in both our names essentially with the wife putting up a large deposit .

If things ever went sour (And we are happily married) what ever the house sold for i would have to give back my wife's deposit before anything else.

Ha anyone been through anything like this?

I do hope you stay happily married

How will the mortgage be paid? Jointly or by yourself if your wife doesn't work?

If say, you got divorced next year and the house hasn't gone up in value she may get her 100k back if you honour the agreement and once mortgage is repaid from the sale of the house you could end up with nothing.

This link may be of interest to you

http://www.kentfamilysolicitor.com/finances/do-i-have-to-share-my-inheritance-on-divorce/

Ultracheap

The mortgage would be paid jointly as we both work.
The negative equity comment by MallyGirl is a good point right?

If anyone has done a similar thing with there partner whats it like to live with? every time you have a domestic does it get thrown in your face?

Again thanks for everyone's responses thus far

AnotherJoe

Ultracheap wrote: »

The mortgage would be paid jointly as we both work.
The negative equity comment by MallyGirl is a good point right? Marginal. If you bought a £200k house and it went into negative equity, you'd get nothing back either. Now you could say you wanted the £100k to vary depending on the value of the house so that was catered for but then you'd lose out on the more likely long term view that prices would rise, you'd be trying to have your cake and eat it.

If anyone has done a similar thing with there partner whats it like to live with? every time you have a domestic does it get thrown in your face? Why would it? "hah you only own 37.2% of this house"? If you have that bad a situation it really wouldn't matter at that point. Anyway plenty of couples go into situations where they put in different amounts of equity, yours is just an extreme case.

Again thanks for everyone's responses thus far

Take a different POV. Her dad's died, he's left her £100k in his will,a nd not you. Would you begrudge that? I presume (hope) not ?! And now there's (say) 20 years of living in a nice house you could have had but due to your stubborness you've been living in a bedsit for the last 5 after you broke up because it looked like you were money grabbing and one more landlord issue was the last straw.

All he's doing is leaving it to her in advance of his death so she (and you !!!! ) can get maximum benefit from it in terms of a much nicer and your own house, for many years.

So just stop looking a gift horse in the mouth and get on with it.

Oh and by the way, if you dont do this, I'm willing to bet next time there's an issue with the landlord or you're struggling by because the rent is higher than a mortgage woudl have been, she's a damn sight more likely to throw your refusal to sign into your face than whatever your factional ownership of the house is if you went ahead!