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Bank of Dad helping son buy a house with non legal partner
BPL
Posts: 192 Forumite
Hi
Anyone had any experience of this? I want to help my son buy his first house with his long term girlfriend in an expensive area in England. What's the best way to do this and protect my gift or "loan" in the event of a split? They may well get married / partnership in the future. He and i don't like wasted money in rent and i feel as if i have benefited from low house prices when i bought but he can't. Relocation isn't an option at the moment but may be in the future to a very low cost area.
TVMIA
Anyone had any experience of this? I want to help my son buy his first house with his long term girlfriend in an expensive area in England. What's the best way to do this and protect my gift or "loan" in the event of a split? They may well get married / partnership in the future. He and i don't like wasted money in rent and i feel as if i have benefited from low house prices when i bought but he can't. Relocation isn't an option at the moment but may be in the future to a very low cost area.
TVMIA
0
Comments
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Firstly, is it a loan or a gift? You will have to decide and it can impact their mortgage application... if its a gift there will need to be a declaration of it as such.
How do you want your gift "protected"? Presumably you are meaning that if they split you don't want their partner to receive any of the value of the gift?2 -
You can’t protect a gift as it would no longer be your money. You can protect a loan, but your son would struggle to get a lender to agree to a mortgage if you just loaned him the money.
Why not just make the gift and let him manage his relationship, it is what we did with both our children.3 -
You might find this helpful: https://www.blakemorgan.co.uk/bank-of-mum-and-dad-helping-child-who-also-will-have-a-commercial-mortgage/ if your son is also needing a mortgage.BPL said:Hi
Anyone had any experience of this? I want to help my son buy his first house with his long term girlfriend in an expensive area in England. What's the best way to do this and protect my gift or "loan" in the event of a split? They may well get married / partnership in the future. He and i don't like wasted money in rent and i feel as if i have benefited from low house prices when i bought but he can't. Relocation isn't an option at the moment but may be in the future to a very low cost area.
TVMIA1 -
you could gift your son the money and they could purchase the house as tenants in common shared appropriately"You've been reading SOS when it's just your clock reading 5:05 "1
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So if they have children and then they split because your son has an affair you still want him to have it all? Life can be complicated and you can’t plan for all eventualities.BPL said:
Yes I do want thisSandtree said:
How do you want your gift "protected"? Presumably you are meaning that if they split you don't want their partner to receive any of the value of the gift?0 -
I read a story in the Sunday Times about a widow who wasn't aware of the whopping loan her father-in-law had arranged with her husband to allow them to buy the house of their dreams. She found out soon enough after he had died and FiL wanted his money back.
It actually sounded quite reasonable when I read the FiL's side of the story!No man is worth crawling on this earth.
So much to read, so little time.0 -
"Hope for everything, expect nothing", Brian Keenan, ex-hostage, Lebanon. ps John McCarthy got out first despite Brians Irish passport ;-)Keep_pedalling said:
So if they have children and then they split because your son has an affair you still want him to have it all? Life can be complicated and you can’t plan for all eventualities.BPL said:
Yes I do want thisSandtree said:
How do you want your gift "protected"? Presumably you are meaning that if they split you don't want their partner to receive any of the value of the gift?0 -
We bought our first property before we were married. My now FIL gifted my partner the deposit.We had an agreement drawn up by solicitor that if we split up and the house was sold my now husband got the the deposit back and any remaining equity split 50/50.0
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My solicitor says that's not possible sadly. If you have any more detail how you did it?0
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