Helping someone with a mortgage deposit.

zwartekat

Striker
Lent the wife's sister £1000 when she moved into a new flat for carpets and stuff on the condition that I got it back after
she'd moved in and the council had refunded her costs (which was all agreed).

After 3 months, many hints by me and her constantly out on the lash on facey, I asked her straight. "When do you plan on paying me back this £1000"

To which she replied "What are you talking about, I got the money through a week after I moved in and gave it to my sister to give to you!"

So I asked the wife "Where's the money?"

"Dunno, must have spent it on stuff like them clothes and that handbag 'n' that"

Fuming wasn't the word she basically blown the lot on clobber in one afternoon. We didn't speak for a few days after that.
:lol: :lol:
 

pinewaves1868

Full Back
Sort of what got me thinking. Say I gave my lass some money to help her with a deposit and we split up, can I force her to sign something where she agrees to pay it back if we split up (we aren't married).
Shirley there must be some RULES in a situation like this. Why is your lass buying somewhere you apparently aren’t allowed in? Have you been a naughty boy? When you are together the money is “ours” when you split up it’s “hers”. If you forced her it would not be nice.
 
Shirley there must be some RULES in a situation like this. Why is your lass buying somewhere you apparently aren’t allowed in? Have you been a naughty boy? When you are together the money is “ours” when you split up it’s “hers”. If you forced her it would not be nice.
What on earth are you going on about?

Purely a hypothetical. I already own a home. I might be buying another one with my partner but whilst thinking about finances generally this scenario popped into my head.
 

YodasBell

Reserve Squad
It’s called a Deed of Trust, or Declaration of Trust. I have just done one with a new partner. She’s got deposit and stamp duty money but can’t afford a decent house or mortgage, if got no deposit but can afford a decent mortgage. In the event of either of us wanting to sell, or we split up, her money is safe. You can also add the Deed to the Land Registry records, if you want to be 100% safe. It generally costs an hour of a solicitors time to draw up, and it is legally binding.
 

42

Midfield
It’s called a Deed of Trust, or Declaration of Trust. I have just done one with a new partner. She’s got deposit and stamp duty money but can’t afford a decent house or mortgage, if got no deposit but can afford a decent mortgage. In the event of either of us wanting to sell, or we split up, her money is safe. You can also add the Deed to the Land Registry records, if you want to be 100% safe. It generally costs an hour of a solicitors time to draw up, and it is legally binding.
Unless you get married, have a bairn then split up
 

YodasBell

Reserve Squad
Unless you get married, have a bairn then split up
Wont be getting married, having children is an impossibility, so can’t see what will change.

Irrespective of that, it’s kind of designed to protect us both short term in case of splits.
 

West_Winger

Winger
The banks will need to see a written document signed by the person “lending” the money saying that it’s a pure gift and that they don’t want it to be repaid.

Once you’ve signed that then there’s little to no chance of taking legal action if it isn’t repaid.
 

Hank Scorpio

Midfield
I know a lad who lent his daughter’s partner 15k to clear debts. He then gifted the two of them a further 20k to help with a deposit on a mortgage.

6 months later the lad walked away having not paid a penny of the 15k back. The twat then managed to take a large chunk of the equity in the property (inc the deposit).
 

AndrewP

Striker
Obviously some people will do this with their kids etc and not necessarily expect it back.

But say you were to help someone out with their mortgage downpayment because it's in your interest to do so, is there any contract you can put in place to protect your money should they decide not to pay it back?

Should stress I'm not going to do this, was just thinking about it and surely it occasionally happens and causes a lot of disputes.
No. If it's not a gift then it's meaningless
I’m sure you could get something legally drawn up.
Pointless
 
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FootballFan

Striker
Too many people worried about money these days, give yer mates a hand out, if they cant pay back work it out, not rocket science.
 

Jabberwocky

Midfield
When we bought the house we weren’t married and my father in law gave the Mrs £30k towards the deposit as an early inheritance. He used to be a solicitor so made sure I signed a ‘declaration of trust’ which said that money was hers if we broke up and I was happy to sign it.

We’re married with kids now and I’m pretty sure the document probably means nothing should we ever split but I’d always consider that cash to be hers alone, inheritance should be sacred - same as pensions.

That said, she’d have me for every penny she could get even if I lived in a skip
 

yamar1

Striker
Lent the wife's sister £1000 when she moved into a new flat for carpets and stuff on the condition that I got it back after
she'd moved in and the council had refunded her costs (which was all agreed).

After 3 months, many hints by me and her constantly out on the lash on facey, I asked her straight. "When do you plan on paying me back this £1000"

To which she replied "What are you talking about, I got the money through a week after I moved in and gave it to my sister to give to you!"

So I asked the wife "Where's the money?"

"Dunno, must have spent it on stuff like them clothes and that handbag 'n' that"

Fuming wasn't the word she basically blown the lot on clobber in one afternoon. We didn't speak for a few days after that.
So your wife's a "rinser",, for want of a better word.
 

Goat Eyes

Striker
It’s called a Deed of Trust, or Declaration of Trust. I have just done one with a new partner. She’s got deposit and stamp duty money but can’t afford a decent house or mortgage, if got no deposit but can afford a decent mortgage. In the event of either of us wanting to sell, or we split up, her money is safe. You can also add the Deed to the Land Registry records, if you want to be 100% safe. It generally costs an hour of a solicitors time to draw up, and it is legally binding.
What about after you’ve paid more off the mortgage than the original deposit??
I know a lad who lent his daughter’s partner 15k to clear debts. He then gifted the two of them a further 20k to help with a deposit on a mortgage.

6 months later the lad walked away having not paid a penny of the 15k back. The twat then managed to take a large chunk of the equity in the property (inc the deposit).
Canny foolish that.
 
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