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Old 21 Apr 19, 04:37 PM  
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#41
Vanillapod
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It’s really hard isn’t it and I know I’ll feel the exact same way.
We ended up with OH not being on the mortgage because my mother was so unhappy about the situation. Might that be an option for now?

You just have to be very careful! My mum was pretty awful to OH (still is and we’ve been perfectly happy together for 18 years!) and the manner in which she went about pretty much branding him untrustworthy has not been forgotten.
He actually pays the mortgage despite it still being in my name only so you’d think she might cut him some slack? Nope

I completely understand your reasons for wanting to ensure your money is protected.

Edited at 04:47 PM.
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Old 21 Apr 19, 05:12 PM  
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Originally Posted by laurad107 View Post
I’m a mortgage adviser and there are ways to do this. Go see a mortgage adviser and they’ll let you know which lenders are ok with the scenario and the conveyancer will be able to deal with it.
If your son says it’s a loan most lenders will have an issue with that.
I definitely want to do things properly, so thanks for the info.

I understand how some parents might see things differently to me, but me and Mrs MH will only be in a position to help our son the once and we won't have another chunk of money to offer him in the future. We will buy furniture and other things for him and his partner for their home and I will no doubt help do jobs around their home, so the chunk of money is completely separate to the things we buy them and the work I do in their home.

As much as we all hope every marriage/relationship will last forever, sadly that isn't always the case in reality.
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Old 21 Apr 19, 08:37 PM  
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We gave our son & DIL a sizeable chunk of money and never considered the 'what if's' of divorce, we gave it as a gift so hadn't considered drawing up a contract or adding any restrictions, however their solicitor said as it was 'unearned income' they would have to pay tax on it, they would have had to pay £15k to the taxman, which meant they wouldn't have enough money to buy the house, which was crazy, so we agreed to draw up a loan agreement just to avoid having them to pay tax on the gift, it was a nonsense as there was no way they could afford to repay us on top of their mortgage repayments and we made it clear to them we did not expect them to pay us back, we just had to play the game.
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Old 21 Apr 19, 09:21 PM  
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Originally Posted by chrisxal View Post
We gave our son & DIL a sizeable chunk of money and never considered the 'what if's' of divorce, we gave it as a gift so hadn't considered drawing up a contract or adding any restrictions, however their solicitor said as it was 'unearned income' they would have to pay tax on it, they would have had to pay £15k to the taxman, which meant they wouldn't have enough money to buy the house, which was crazy, so we agreed to draw up a loan agreement just to avoid having them to pay tax on the gift, it was a nonsense as there was no way they could afford to repay us on top of their mortgage repayments and we made it clear to them we did not expect them to pay us back, we just had to play the game.
Omg that is crazy and so grossly unfair. So you work hard all your life and pay taxes on your earnings, and then the government want more tax when you give it to your kids (I despair)!
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Old 21 Apr 19, 09:51 PM  
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We helped our DD when she brought her first home with her bf.

It was very easy, we just had to write a letter stating that we had given her X amount towards the down payment, her Bf parents gave the same amount.

As they are not married they were advised by solicitor to draw up Tennents in Common, meaning that if they were to split and not be married then everything will be split down the middle. It was all straightforward.
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Old 21 Apr 19, 10:12 PM  
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We fully intend to do the same as the OP for our daughter and have been saving since she was born to do so. I have to say I would find it very bizarre if her partner wasn’t happy if we protected our part of the loan/gift, as if they stay together forever then it will never be a issue that arises and if the worst should happen then her partner would be no worse off as the money wasn’t theirs in the first place.
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Old 21 Apr 19, 10:39 PM  
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I agree with OP , it’s a way off yet but I hope we’ll be able to give money to each of our children. This would be a one off scenario and I would want to know that this will ensure they have somewhere to live (not necessarily that property but a property) forever. It concerns me that if their partner left them then they could also take half of the money which was supposed to help my own child out. I know I wouldn’t be able to help out a 2nd time.

I wouldn’t ever want the money back but ultimately Any gift would be to secure my own child’s future not their partner. I’m afraid I’ve seen some pretty messy divorces and I would want to protect my child and any future grandchildren.

I would get a couple of opinions on how this could be done, in particular mortgage adviser and solicitor.
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Old 22 Apr 19, 12:15 AM  
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Originally Posted by laurad107 View Post
I’m a mortgage adviser and there are ways to do this. Go see a mortgage adviser and they’ll let you know which lenders are ok with the scenario and the conveyancer will be able to deal with it.
If your son says it’s a loan most lenders will have an issue with that.
^ Agree with this ^
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Old 22 Apr 19, 12:16 AM  
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Originally Posted by Pumba75 View Post
OP, this is the post to take most notice of on this thread. Go see a professional.

As well intentioned as it may be, there are a number of other posts on this thread that contain incorrect information.
^ 100% this ^
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Old 22 Apr 19, 07:38 AM  
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Make sure as part of this you look at maximising what you can get from the government through things like the save to buy ISA they may be able to use.
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