My Parents providing deposit, house in Partners name

philip1988

That's all very interesting because I potentially might be gifting the deposit to my daughter who is looking to buy a house with her partner.

Like the OP I don't want the money back but want to protect the money for my daughter if the worst happens.


Thinking out aloud, would the mortgage company allow a second charge on the property to the value of the deposit to be paid from any available equity AFTER the mortgage has been repaid?



Many thanks

ACG

It is not a true gift if there are strings attached.
You are going to struggle with this.

Have you thought about finding a specialist lender who will accept your adverse? Rates are pretty reasonable now a days on adverse Mortgage - or at least can be.

getmore4less

Bottom line if you want to protect a beneficial interest have one.

Even that can be be messy to sort out with assets like an house as beneficial interest are not easy to liquidate.
(even harder if there are commercial lenders)

Gifts cannot be protected they are not gifts if they could.

philip1988

Thanks for the replies. I can cross that idea off my list then.


All I am trying to do is protect my daughters interests rather than looking to have a stake in their house



May be they should go down the Tenants in Common idea suggested by YHM then

IrritableFTB

Looks like we'll just have to get wed! Things seem a whole load easier once you have a ring on your finger.

Thanks for your help guys, much appreciated

Exotoxin

You need something like a "pre-nup" but without necessarily actually getting married at present. Although they don't have absolute legal force, they can certainly be taken into account by a judge if there is a dispute if you separate, just as they can be on divorce, especially if they are freely and willingly entered into by both parties. You just want it to say that you would get the first £25000 and then any remaining equity would be split between you in the ratio of your mortgage payments.