Return a gifted deposit?

joandfrank

Hi,
Sorry i'm new to the Forum.

I have a question about a gifted deposit.
Without going into too much money details, the outline of the question is:
We have brought a house and the mortgage is in my name only.
My wife and my mother in law added money to the house as a gifted deposit.
The question is, if anything goes wrong how can I give them the money back that they put into the house?
I have been told that I could leave it in a will but I don't want to die to give the money back.

Carrot007

If you have the money there is nothing stopping you gifting it back.

If you don't you can't.

Since it was a gift there is no requirement for this unless you are admiting to fraud. In which case I'm sure your mortgage company would like to know ;-)

Mainly though, not enough information. What sort of "goes wrong" are you talking about.

theartfullodger

Any gifted money (either way..) would be subject to perhaps IHT should giver die within 7 years. Otherwise, nothing stopping you giving any money you wish to anyone else (me, Battersea Dogs home, MiL etc etc etc... ).

HampshireH

It's not fraud of they accepted a gift.... something happened in a few years time i.e they split and he chooses to gift them the same amount back if he had no further personal ties and keep the house. Surely?

I think I would feel morally that would be a good decision.

There currently isn't an intention to give it back and they don't intend for things to go wrong.

quotememiserable

What sort of thing are you talking about 'going wrong'?

shortcrust

I might be missing something, but it seems simple. You could give them your own money (e.g. savings) or if that isn't possible you could sell the property and give it to them from the proceeds.

joandfrank

Hi,
Thank's for the replies.
It's just a security thing.
If we split up then I have all the money.
I just wanted to have it in writing that the money would go back to my wife and mother in law,
and not me running off with it.

Thrugelmir

Add your wife to the mortgage and the property title deeds..

ViolaLass

Why not just not run off with it?

joandfrank

Thanks Thrugelmir.
So basically get in touch with the mortgage people and change a couple of things?

joandfrank

Thanks HampshireH.
We have no intention of splitting up,
But the world isn't perfect, and i want my wife and mother in law to feel safe.