Cash from Family towards a deposit.

6022tivo

youth_leader said:

I've given my son and daughter a money gift towards a house deposit, and have sent them a Declaration letter I found on line.  When they are ready to apply for a mortgage I'll be getting my solicitor to do a Deed of Trust for both.  

Hi @youth_leader

I think they are going to do a Joint Deed of trust, or maybe one each at the final stages of purchase. 
We are questioning ownership at the moment with regards to Joint Tenants or Tenants in Common. 

They have no complicated history, and are simply thinking Joint Tenants with deeds of trust as one is bringing more to the party at this stage. 

All this will change I'm sure when they get married in a few years? 

Party 1 - 75% of the Deposit + a further £60k to do building work on the house. 
Party 2 - 25% of the Deposit. 

youth_leader

 A poster had brought up the Deed of Trust split and I realised I had made an assumption with both my kids that they'd want their bigger contribution noted in the event of separating. 

I asked my daughter and son if they'd like to let me know what they'd like to do.  My daughter immediately said she was happy to do 50/50 with her partner, my son said he'd think about it.  We'll see!