DP being gifted £300k as FTB

[Raraoh]

In a fairly new relationship (1 year) and DP early 30s is house hunting and wants my input. Just found out his budget - he is a FTB, London-based with a 300k deposit. Genuinely gobsmacked.

There's no vitriol op - it's just your post doesn't make any sense and people don't know what you're asking or what the problem is ...

Wood Green is meant to be nice. £500k would buy you a two bedroom house or flat there.

www.zoopla.co.uk/for-sale/details/47467338?search_identifier=a57252000d8f31f7b63914985880ddec

If he doesn't need to be in actual London then it might be worth looking within commuting distance. I live within an easy commute of Waterloo and £300k would buy you a 4 bed detached with parking and gardens outright here.

Obviously he may want to be in the city.

Let me guess; you're with him because he has a great personality?

LadyFlumpalot where do you live?

MrsC wroooong! I’m with him because he has lotsa cash

I'll PM you OP.

On the flip side I’m guessing someone died to leave it to him.

What kind of trust kept the money until he was in his early 30s?!

Really depends on what he wants for his money, OP. He could probably just about get a one bed somewhere quite central in North London, maybe a two bed further out— and a house even further out!

Is he planning on having a lodger or flatmate? How old is he? Really depends on your lifestyle. Walthomstow and Leyton are quite popular with first time buyers in my circle- or Lewisham/Brockley/Woolwich in South East.
I think it’s better you shared here than to people in real life, it is anonymous so not the same as gossiping to colleagues about your bf they might meet in pub one day. Good luck and happy house hunting! Maybe email Kirsty and Phil for help!

I'm glad you have a sense of humour OP

@sexnotgender why does he need a paper trail? We have been given sizable amounts (although not that large) by PIL. They just deposited 70k in our account.

Nothing sure an inheritance classes as being gifted. Horrible word. What's wrong with given, in the right thing context?

A friend has currently got £150k in the bank as critical illness payout after having cancer. There are any number of reasons he has the money. These days £300k in London doesn’t get you much. Another friend told me the other night that she was left £140k by a friend who she popped in to see regularly after his wife died. He had no one else. She and the lifeboats got the lot.
The point is there is no reason to be a bit mealy mouthed about the OP. He may have won the lottery, been bought out by an ex partner etc etc. Having a decent deposit doesn’t mean he’s a money launderer or a criminal.

£500k is not a huge amount for London. Is he looking for a house or flat? He needs to factor in legal costs and stamp duty although as a FTB I am not sure if he needs to pay that but he should look into it. The best thing to do is look into transport links to where he works and decide on an area and what his critical points are. How many bedrooms, does he want or need a garden or parking space, is he looking for character or modern and is he diy inclined so he can do repairs/decorating or would he rather get somewhere already in good condition. He should not be rushed. Apparently London prices are starting to stabilise or even go down in some places (Brexit affect probably) so he should take his time and view lots of properties before making any offers.

Any part of London with good transport links.

Sorry but, have you even been to London?

@CruCru bloody hell, I used to live in the Wood Green area about 15 years ago. I can’t believe property is so expensive there now!!! It wasn’t particularly wonderful back then, I presume it has improved.

I was wondering the same, TonyDanza.

www.rightmove.co.uk/property-for-sale/map.html?locationIdentifier=REGION%5E87490&maxPrice=500000&numberOfPropertiesPerPage=499&includeSSTC=false&viewType=MAP&viewport=-0.255616%2C0.0578204%2C51.4494%2C51.5427

That covers all of the properties in London up to £500k. What is he looking for?

so the money has been held in Trust for two decades...you've been with him for a year and this has just come to light..he wants your input..

maybe I'm suspicious, but what if you find the perfect place, he maybe talks about you moving in with him, you get excited, he cant access the cash for x reason, so can you provide a short term loan 'until his Trust release the money..

Guffaux very fair point but no it’s true. I work in a related field and he actually told me because he needed advice re the paperwork. He got a payout at 20, 25 and then the bulk of it now at 30. Thanks for your concern but it’s legit!

What do you want to discuss...? Potential DH ?

so why are you 'gobsmacked'- and if he's had 2 previous payouts, why does he need your advice with the paperwork?

or are you in mortgage/estate agency- so if he's only just started househunting, what paperwork does he need advice for?

and why would you need an internet forum advice if you are in that field?

I must admit I'm perplexed, but if you are sure he's legit, have fun looking, and I wish you well

OP, I was in a similar situation about 15 years ago. I should have listened to the gut instinct telling me that it was bad for me.

I hadn't realised he had so much more than I had. I had thought we were equal. He did everything to ring fence his assets so that the relationship I thought we were going to have and the life I thought we were going to have didn't happen. The script was always that he had more than I did and he wasn't going to risk losing half.

If you stay with him, get your own place. Always always feather your own nest. DO NOT FEATHER HIS NEST>