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Dad wants a share of property

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  • kazwookie
    kazwookie Posts: 13,842 Forumite
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    What if the dad was to die, who would own the share of the property then?
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  • Ozzuk
    Ozzuk Posts: 1,884 Forumite
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    kazwookie wrote: »
    What if the dad was to die, who would own the share of the property then?

    Or if he needs care and the council come after the 'gift'.
  • elsien
    elsien Posts: 32,735 Forumite
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    Or, having given his money away, his circumstances change and he wants to claim means tested benefits. His share of your house would then count as an asset.
    All shall be well, and all shall be well, and all manner of things shall be well.

    Pedant alert - it's could have, not could of.
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
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    moneyistooshorttomention wrote: »
    To me - I am thinking about Dad trying (belatedly) to turn part of the gift into him owning a share of the equity and his stated reason for his "change of plan" being = in case OP gets together with someone that subsequently tries to grab some of their house equity from them if they split up.

    This just doesn't sound like something Dad could really believe was possible - ie that he'd protect his daughter (betcha OP is female:cool:) from a money-grabber type of man (rather than a "real relationship" type of man).

    So, to me, it does smack somewhat of whether Dad is trying to control the sort of men his daughter has relationships with. Now I can see the logic of Dad hoping to prevent daughter getting together with a ne'er-do-well. But I do wonder whether Dad is also trying to ensure daughter doesn't get involved either with perfectly decent men who he just doesn't happen to approve of.

    I understand Dads are concerned with who Daughter gets together with - as my own father at one time said he wished we were in a culture where he could choose a husband for me, ie an arranged marriage (ie in order to make sure I got a decent person as one) - but, as we're British (English), he had to accept I was going to choose what men to get involved with myself (whether he approved of them or no).

    So I do wonder whether Dad is trying to exert undue influence over who Daughter gets together with - ie not just to keep out the "bad boys" from the scene.


    Some projection going on in there I suspect. More likely Dad doesn't feel the need to protect daughter from anything in this overbearing way you propose, just his money.
  • hazyjo
    hazyjo Posts: 15,470 Forumite
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    Also, would he just want that exact figure back (or plus equity?)? If you pay off all the mortgage, have you and sell to buy with someone else, will you have to give him that £77k-odd back? Be careful or you won't ever be able to afford to move! That's a hefty sum. You surely don't want him always having to buy in on every property you buy from now on.


    What if there's a recession? Will his 'share' also be worth less? Will you be stuck there?


    If you sold in ten years for three times the amount you paid, would he want the profit too or just the same sum he gave you? If he owns roughly a quarter, will he be paying a quarter towards all maintenance? How much of a say will he have? How overbearing is he re decisions - is he the type to always say he could have got it done better/cheaper (like my MIL often does!)?


    Very messy. I'd politely decline and buy alone or wait until you meet someone...
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  • McKneff
    McKneff Posts: 38,823 Forumite
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    Back out and buy something you can afford yourself.
    make the most of it, we are only here for the weekend.
    and we will never, ever return.
  • Aylesbury_Duck
    Aylesbury_Duck Posts: 13,989 Forumite
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    McKneff wrote: »
    Back out and buy something you can afford yourself.
    Absolutely right. The money is not a gift if it comes with conditions, especially conditions that will breach your mortgage conditions.
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
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    hazyjo wrote: »
    Also, would he just want that exact figure back (or plus equity?)? If you pay off all the mortgage, have you and sell to buy with someone else, will you have to give him that £77k-odd back? Be careful or you won't ever be able to afford to move! That's a hefty sum. You surely don't want him always having to buy in on every property you buy from now on.


    What if there's a recession? Will his 'share' also be worth less? Will you be stuck there?


    If you sold in ten years for three times the amount you paid, would he want the profit too or just the same sum he gave you? If he owns roughly a quarter, will he be paying a quarter towards all maintenance? How much of a say will he have? How overbearing is he re decisions - is he the type to always say he could have got it done better/cheaper (like my MIL often does!)?


    Very messy. I'd politely decline and buy alone or wait until you meet someone...

    FWIW (In case the OP wants to learn from what i have) my loan follows the house price.
    If the house price doubled, so would mine, if the house price halved, so would mine.

    Mine is open ended, doesn't need paying back until the house is sold.

    I pay my share of major maintenance eg lets say a new roof was needed or a new boiler. Basically structural plus boiler.

    There's no concept of deprivation of benefits since i have other money and this is done very far in advance of any such need and no sign of it (though when i get upstairs and wonder what i went up for I sometimes wonder :D )

    FWIW the reason for this is to protect from a messy divorce (not at all expected but who knows), and protect another siblings share of the money which would come when i do a Norwegian Blue. At some point if i give the other sibling an equivalent amount I'll just write off both loans.

    And its easy to say "buy what you can afford", where my daughter lives there is nothing thats buyable.

    The OPs circumstances may be different specially as she has a father than doesn't seem to understand what the word "gift" means but then again OP is also unaware of such basics as that you cant just casually give away part of your house if you have a mortgage on it nor can you you convert what was a "gift" into a payment when you signed a legal document stating it was a gift !
  • G_M
    G_M Posts: 51,977 Forumite
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    Others have raise multiple reasons why this is major problem. In your position

    * step 1 is to sit down with dad and explain the issues. Read the thread back and make a list of them - there are plenty!

    * also discuss his reasons and concerns in detail. Make sure you both understand exactly what he's worried about (and then whether you both still think it is a genuine concern!)

    * step 3, if he is still insistant on attaching conditions to this non-gift, then back out. Sorry - you'll probably lose the property, and have to wait to save more money, or find a cheaper property (or find a partner and buy jointly!).

    If your dad cares about you, he'll probably change his mind when you tell him that's what you'll have to do.
  • Tom99
    Tom99 Posts: 5,371 Forumite
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    AnotherJoe wrote: »
    FWIW (In case the OP wants to learn from what i have) my loan follows the house price.
    If the house price doubled, so would mine, if the house price halved, so would mine.

    Mine is open ended, doesn't need paying back until the house is sold.

    That's interesting. How do you think you will be taxed when the house is sold, income tax or CGT?
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