- January 10, 2020 at 6:54 pm #23065AnonymousGuest
My parents have very generously offered to give me half of the cash I need to purchase a house as an early inheritance (they don’t expect me to pay them back however I am going to try). I’m very grateful at this opportunity however they want the house to be in both my name and my mums. Their reasoning is Incase anything happens to me then they don’t loose their money (although it’s not a loan I understand that they don’t want to just loose the money they have put in). I feel like this is messy as it complicates things like selling etc (which I’m hoping are more likely to happen then something happening to me – my ex is not as all abusive so there is no concern there).
Am I being reasonable wanting to have the house in just my name considering this is not a loan or should I just be grateful and get over not having it all in my name?
Would love some advice, thank you
- January 10, 2020 at 7:42 pm #23066
If they are giving you the money without terms, you should be able to do what you want with it.
- January 10, 2020 at 7:46 pm #23067
So they are not really giving you the money then?
- January 10, 2020 at 8:37 pm #23069AnonymousGuest
Whilst I understand you might feel like this is unnecessary… I can see why they are requesting this. It actually makes sense I think! In the unlikely event you do die, do you want them to be caught up in legal crap trying to sell the house etc. I think you need to stop and really think about what an incredible, generous offer you have been made. You should be counting your blessings and willing to jump thru hoops to accommodate their request. Goodluck and I hope you can see things differently and not let a tiny detail stop you from this opportunity xx
- January 10, 2020 at 8:40 pm #23070AnonymousGuest
Also maybe they are worried you’ll meet another partner in the future and want to protect their contribution from a possible break up if the relationship didn’t work out
- January 11, 2020 at 11:16 am #23090AnonymousGuest
Does it really matter? Be extremely grateful
- January 11, 2020 at 2:01 pm #23104AnonymousGuest
Obviously your parents have put a lot of thought into this and depending how they are giving it to you, your mum would probably have to go on the deed as your parents will get taxed for giving you such a big payout (gift) and if your parents are retired it could also affect their pension if they receive one.
It is such a big amount of course they want to protect their investment (your inheritance).
Personally if you don’t want your mum on it then don’t accept their offer.
- January 11, 2020 at 2:27 pm #23106AnonymousGuest
I’m sure they will have thought it through and sought advice before offering help. Ultimately they want to make sure that you get the inheritance they intended for you, without it eaten up paying debts and other stuff at end of life, or in the (hopefully unlikely) event they separate.
If it was just in your name, it leaves them vulnerable to losing an investment/your inheritance should you default, go through a relationship breakdown etc or pass away with debt.
My ex’s house was just in his name, he paid everything, however I would’ve been entitled to half had we still had it when we split.
If it’s just in their name it’s a similar problem – it can be sold to recoup costs if they die with debt. It becomes part of their estate to distribute amongst siblings and other people in their will.
As my Mum remarried, I now have to share any of my Mum’s estate with older step siblings I’ve never met, so she tries to share her stuff while she’s alive and well to limit the impact.
In both names, I assume you are all liable to pay the costs on mortgage, refinancing, rates etc. So if you lost your job and couldn’t pay etc then the co-signer is still liable. Possibly gives you more options prior to the asset being repossessed?
I’d be checking with a solicitor, bank etc if having it in both names means a new partner has less or no claim to it if you split. I have no idea.
It seems a good idea to share the liability. Possible too that they won’t even consider not doing so.
- January 13, 2020 at 2:42 pm #23180
Mmmm if they are giving you money for a house but want their name on it, then you are actually buying a house jointly with them. Which is not an issue, but it’s not what it looks like. It could be the perfect solution for you though.