Future of house in two names be secured other than will?

da_rule

Also, if the property is in your names and you need care at a later date your daughter may lose her house if the care bills mount up as it will be your asset for the purposes of financial assessment.

Nancydrew

Thank you for the replies!

We are now thinking of gifting her £50000 and my partner lending her the other £50000 by putting a first charge on the house as xylophone suggested.

Would my partner ever be able to force the sale of the house in the future? What possible implications could there be?

da_rule

Nancydrew wrote: »

Thank you for the replies!

We are now thinking of gifting her £50000 and my partner lending her the other £50000 by putting a first charge on the house as xylophone suggested.

Would my partner ever be able to force the sale of the house in the future? What possible implications could there be?

Yes he could force the sale, unless he wrote into the charge deed that he waives his right to do so.

Will your daughter be repaying the £50,000?

AnotherJoe

da_rule wrote: »

Yes he could force the sale, unless he wrote into the charge deed that he waives his right to do so.

Will your daughter be repaying the £50,000?

This is what i have with my daughter (I have a charge on house) the repayment agreement on our loan (signed with solicitor) are "when she sells the house" and there is no other point at which I could force a sale.

G_M

My partner and I want to buy my daughter a house outright.

Nancydrew wrote: »

We are now thinking of gifting her £50000 and my partner lending her the other £50000 by putting a first charge on the house as xylophone suggested.

So within a week he's gone from wanting to gift her half a house, to want to loan her £50K.


That is a huge debt for her to take on, and yes, depending on the terms of the loan, and whether they are clearly thought out and written down, it has huge implications for her, especially if she ever wants to sell/move.


How about you borrow £50K from your partner, and then gift her £100K so the house is in her sole name with no debt?

TBagpuss

Whether or not he could force a sale would depend on what the wording of the charge over the property is.

If she isn't his daughter, it's perhaps not surpising that he has reservatrions about giving her a gift of £50,000 with no strongs.

It maybe worth having adiscussion with him about what his reasoning is.

Is he worriedthat she won't bother working if she';s had a house paid for? Is he worried about her losing out furtherdown the line if she hs a relationship break down?
Does he think that there are benefits to hom in retaining an interest?

Having a £50,000 gift from you and a mortgage of just £50,000 is an excellent startinbg point for your duaghter - she might at a later stage find herself in a position where she can offer to buy him our by repaying the loan (and he may, at that point, decide to gift it to her)

She may be able to agree a payment plan where she pays hom on a monthly basis as she would with a convenbtional mortgage, but interest free.

Or you could do as he wants, and have the house in the joint names of your daughter and partner, and she can loo at how to buy him our if and whenhe changes his mind and no longer wants to leave his funds in the property. She in the mean tim ill have had the benefit fo living rent-and-mortgage free and can focus on saving or investing so that she is in a position to buy his share of the proeprty if it becomes necessary.