Bank of Dad helping son buy a house with non legal partner

steampowered

Your son and his daughter should sign a "deed of trust". Your solicitor can prepare this.

The deed of trust just states how much of the property they own. 

You could either say that when the property is sold, your son and daughter each get their deposit back. Or you do it by percentage - so if you are gifting your son 20%, 20% of the property goes to him before anything gets split. 

Keep_pedalling

steampowered said:

Your son and his daughter should sign a "deed of trust". Your solicitor can prepare this.

The deed of trust just states how much of the property they own. 

You could either say that when the property is sold, your son and daughter each get their deposit back. Or you do it by percentage - so if you are gifting your son 20%, 20% of the property goes to him before anything gets split. 

Even if they do that the house becomes a matrimonial asset if they marry. Divorce a few years later the starting point for splitting assets will be 50/50. 

Loza2016

I believe it was a deed of trust we signed. It was 2010 and since sold the property so haven’t got the details. 

As someone has said if they do get married eventually it would change things but does give you protection until then. 

zagubov

Keep_pedalling said:

steampowered said:

Your son and his daughter should sign a "deed of trust". Your solicitor can prepare this.

The deed of trust just states how much of the property they own. 

You could either say that when the property is sold, your son and daughter each get their deposit back. Or you do it by percentage - so if you are gifting your son 20%, 20% of the property goes to him before anything gets split. 

Even if they do that the house becomes a matrimonial asset if they marry. Divorce a few years later the starting point for splitting assets will be 50/50. 

I seem to recall that posters have had ways of doing this that prevented people pretending to be normal partners but behaved like what were formerly called  "gold-diggers" from claiming money.
There were maybe only a few lenders that accepted this.
Search the forum.
Hopefully they will post their info here.

Sistergold

Doing it by % seems a good way to do it so that way you don’t worry about a deed of trust. It also means the deposit will also appreciate in value. This is a win win for both as the other partner will also get money where they did not put a deposit or they put less. 

Sistergold

Keep_pedalling said:

steampowered said:

Your son and his daughter should sign a "deed of trust". Your solicitor can prepare this.

The deed of trust just states how much of the property they own. 

You could either say that when the property is sold, your son and daughter each get their deposit back. Or you do it by percentage - so if you are gifting your son 20%, 20% of the property goes to him before anything gets split. 

Even if they do that the house becomes a matrimonial asset if they marry. Divorce a few years later the starting point for splitting assets will be 50/50. 

Will a prenuptial agreement save against property becoming matrimonial assets? 

jkrbec

BPL said:

My solicitor says that's not possible sadly.  If you have any more detail how you did it?

I’m not sure what’s possible with a gift but i’ll explain what me and my partner have done recently

My partner was putting down 50k deposit but I am paying the mortgage, so we will be tenants in common and our solicitor has drawn up a deed of trust with a formula, so at the time of sale we each get a % based on our contributions at that period of time

Keep_pedalling

Sistergold said:

Keep_pedalling said:

steampowered said:

Your son and his daughter should sign a "deed of trust". Your solicitor can prepare this.

The deed of trust just states how much of the property they own. 

You could either say that when the property is sold, your son and daughter each get their deposit back. Or you do it by percentage - so if you are gifting your son 20%, 20% of the property goes to him before anything gets split. 

Even if they do that the house becomes a matrimonial asset if they marry. Divorce a few years later the starting point for splitting assets will be 50/50. 

Will a prenuptial agreement save against property becoming matrimonial assets? 

A prenup in UK law is not automatically legally binding but will be upheld by a court so long as it meets the qualifying criteria, which have been set by the Supreme Court and further reviewed by the Law Commission:

• The agreement must be freely entered into.
• Both parties must understand the implications of the agreement.
• The agreement must be fair.
• The agreement must be contractually valid.
• The agreement must have been made at least 28 days before the wedding.
• There should be disclosure about the wider financial circumstances.
• Both parties must have received legal advice.
• It should not prejudice any children
• Both parties' needs must be met

The last two conditions are probable the conditions that a court will put ahead of a pre nup.

user1977

Loza2016 said:

I believe it was a deed of trust we signed. It was 2010 and since sold the property so haven’t got the details. 

As someone has said if they do get married eventually it would change things but does give you protection until then. 

"You" in this case being the OP's son. The OP waves goodbye to their money at the time they gift it. 

Tiglet2

Keep_pedalling said:

Sistergold said:

Keep_pedalling said:

steampowered said:

Your son and his daughter should sign a "deed of trust". Your solicitor can prepare this.

The deed of trust just states how much of the property they own. 

You could either say that when the property is sold, your son and daughter each get their deposit back. Or you do it by percentage - so if you are gifting your son 20%, 20% of the property goes to him before anything gets split. 

Even if they do that the house becomes a matrimonial asset if they marry. Divorce a few years later the starting point for splitting assets will be 50/50. 

Will a prenuptial agreement save against property becoming matrimonial assets? 

A prenup in UK law is not automatically legally binding but will be upheld by a court so long as it meets the qualifying criteria, which have been set by the Supreme Court and further reviewed by the Law Commission:

• The agreement must be freely entered into.
• Both parties must understand the implications of the agreement.
• The agreement must be fair.
• The agreement must be contractually valid.
• The agreement must have been made at least 28 days before the wedding.
• There should be disclosure about the wider financial circumstances.
• Both parties must have received legal advice.
• It should not prejudice any children
• Both parties' needs must be met

The last two conditions are probable the conditions that a court will put ahead of a pre nup.

I believe also that in order for a pre-nup to be successfully upheld in court, the marriage should be considered 'short', i.e. 5 years or less.  Any marriage longer than that and the pre-nup is no longer worth the paper it's written on.