Dp thinking of buying house... With his mum.

[OhWhatAPalaver]

Dp & I are in no position to buy a house unfortunately. His mum however is willing to sell her house and buy with us as long as it has an annex she can live in. However she won't have the house in my name in case me and dp split up. So the house would just belong to dp and his mum.
I'm in two minds about the whole thing. On the plus side we would live somewhere a million times better than where we are now and save money. But on the other hand, if we did split up, I'd have bugger all.... Wwyd?

So you would be putting money in for a deposit and paying towards the mortgage but not be on the deeds?? Sounds like a terrible idea!

Will the annexe have a lock on your side to keep her out would be my question -?
Naive if this would work in anyway your favour for all sorts of reasons. Not just financial.

Are you putting money into the deposit? If you’re not then surely it’s the same position as if you were renting and you wouldn’t expect to walk out of that with anything but hopefully paying towards his mortgage will be cheaper than renting.
It also depends if you imagine you might get married at some point and whether you have children together? If you have children you need some security and if you get married you’ll have rights to that property.

Are you putting money into it?

Are you married? I woukdn't be happy with that situation at all but if you were married you wouldn't be left with nothing.

Would you be contributing financially in any way? If so that would need to be legal drawn up and taken into account.

You would need a solicitor to go over the agreement very carefully to make sure it is fair.

That's fine as long as you don't contribute to the deposit and don't pay the mortgage. I'd then use that money for an investment property for yourself as your nest egg/saftey net

Hell no. There's already conditions on the house purchase, would you really want her living so close? And she won't have your name on the house, so essentially it's her calling all the shots and you won't get a say in anything. I would run a mile

Depends on if you're contributing to it, surely...

Living with your MIL however... No.

Are they expecting you to pay toward the mortgage?

Are you planning children? Will their position change then? What about marriage?

I wouldn't be jumping into it without a lot of thought. I can understand his mum wanting to protect herself if she's throwing everything she has into it, but you also need to protect yourself.

If they aren't expecting a contribution from you, allowing you to build a nest egg, then I'd consider it if it leaves you financially better off than renting.

However if you are planning marriage or children then it's not such a good proposition.

Also if you do it the three of you need to sit down before it's bought and hammer out the ins and outs of essentially all living together and care expectations.

Are you in a position to buy anything alone? If not then nothing lost. If you can buy alone then a studio apartment alone would be better than this. At least then you'll be securing your own future.

No don't do it unless you put no money in.

You would have an equitable interest if you paid into the mortgage but that can be difficult and expensive to prove. You can buy the house in ‘shares’ so that you are paying towards a 10% share for example which can be increased so that 40 years later you don’t walk away with nothing. It is worth paying a £100 to discuss this on your own with a solicitor rather than lose tens or hundreds of thousands down the line.

His mum sounds very sensible, in her shoes I'd do just the same thing. What user says makes perfect sense, you're in exactly the same position as if you were renting, except that you can decorate just as you wish and have much greater security.

Don't do it. Ex bought a house with his Dad and without consulting me. When I finally got the nerve to leave him I ended up with nothing, nowhere to go.

When you say 'buy with us' what does that mean? My question then is the same as Balloondog's.

There's no way I'd be putting any of my money into that scheme. No deposit, no payments on the mortgage, not a penny.

You'd be better off buying yourself a tent to live in, at least you know it'll be your tent.

Could you rent the annexe and them shack up together?

At least then you'll have your own space.

Otherwise you may find her there ALL of the time.

"There's no point cooking just for myself." " There's no point heating both places. " "There's no point us watching different televisions."

Hell no. There's already conditions on the house purchase, would you really want her living so close? And she won't have your name on the house, so essentially it's her calling all the shots and you won't get a say in anything. I would run a mile

MIL: I want to paint all the walls yellow and put in floral carpets and net curtains throughout. But I paid for the house!1!!

If you decide not to put money into it, don't put money into it "by the back door", eg "I'm paying the mortgage, so it's fair that you pay the Council tax and the fuel bills".

When I bought a house with ex husband I paid the deposit and the house was in my name. He was still entitled to a half share of the house because he had contributed to the family income.

And your DP is fine with this, is he?

You were married mormont

If you don’t contribute you’ll just be a lodger.

If you do you need legal advice first.

I know I was married. Maybe the OP can get married before they move in.

But, OP, with the current situation if you split up you will still have nothing!