Mums partner 6 yrs want's her to lend him all her life saving for a loan to buy larger house she won't be on deed for.

[Moniworries]

I'm worried even though on paper it's a short term loan to enable him to buy a house now until the current one is sold.

She's worried but she also trusts him.
They have been together for 6 years and to be fair he's a nice guy, he's got two adult DC and mum has two as well. They share one DC my brother

She lives in his house now but it's quite small he wants to buy a slightly larger house for family to visit and he will be a grandfather soon

They live quite rurally so harder for family to visit.

I'm concerned because he won't marry her he said it's too complicated with his adult children and also work shares and a family trust,he won't put her on the deeds.
He's never shared a Will even but has said brother will be looked after .

Mums put up with this because she's still got her divorce money ring fenced in case of problems which is about 250. That's her fail safe and she's been comfortable with her situation living in a nicer house than she could afford with that money for her should something happen

Technically he would be borrowing this money only on a short loan but she's worried as am I,what if something random happens to him in that time?

How could she get it back and what if it gets lost in complicated trusts?

Nope.

Absolutely right to be concerned and definitely make sure she is aware of your concerns and why you don’t think it’s a good idea in no uncertain terms so that she doesn’t go into it without that knowledge of why it is such a risky decision. But ultimately, providing she is an adult with the capacity to do so, she can make that decision and you cannot control her behaviour unfortunately.

Absolutely NO.
even if you had something written and signed legally…what if the house burned down, and it wasn’t insured, and he lost the lot.
He wouldn’t be able to pay her back, even if he wanted to…ditto if he just spent the money.
whatever legal paperwork you have, won’t help much if there’s no money left.
You can’t get blood out of a stone.

He needs to put her on the deeds and he can remove her when he’s paid back the loan 🤷‍♀️

If it's in his name only there is no way she can force a sale. He holds all the cards.

Try reading the post I responded to. 🙄

Apart from no to the loan,
Suzanne shaw was on one of the morning programmes, she said her father remarried, on his death the estate went to his new wife ( 20yrs) she had been part of the family with the step family most of her life, on her death everything went to her children her full brother had been given a business beforehand but she got nothing. torn a family apart. Very sad. I would let your mom read the comments of this post.

As I said that could cost her 50 grand.
And there may not be £250,000 at the end of it to recover to repay her but actually the other lady makes a very good point. She wouldn’t have a leg to stand on to force the sale of the house. It’s his house.

Absolutely no way

Oh my god - absolutely not. He should be ashamed to ask her to put herself in such a vulnerable situation. It’s so cheeky.

Just pay for her legal advice and invite her partner there as well (optional). He may no he won't go and there you have it. Really, go with your mother and let the solicitor outline the legalities and then let her decide but her partner is a CF and we all know it. Chancing it for a big payout. Prob has a will that will leave everything to his family. At least Dick Turpin wore a mask

She would if she won a legal case, in fact the court would probably order it.

This!!!!!!! Will the bank even accept this if it isn't a gift!?

I think they could look into putting a change against the current house in the amount lent. That would protect your mother but I don't know if it would satisfy the mortgaging bank.

🤦‍♀️🤦‍♀️🤦‍♀️🤦‍♀️🤦‍♀️🤦‍♀️🤦‍♀️🤦‍♀️🤦‍♀️🤦‍♀️🤦‍♀️🤦‍♀️🤦‍♀️

In the UK, the debt wouldn't come from the estate before the will is applied?

I don't see it as predatory in their case. I would want solicitor's help to make the loan process correct.

Fuck no

Tell me you don’t understand legal process without telling me you don’t understand legal process. 🙄

CHRIST NO!!!!!

The easiest way for them to protect her money would be to get married. Registry office, couple of hundred quid, 20 mins. No need to get a solicitor involved.

They don’t get married and she will need a loan agreement, independent legal advice, possibly a charge on the new property.

Is he getting a mortgage to buy the property? They won’t like a huge loan like that against “their” property.

If she’s not on the deeds and he dies, the house (and her money) will go to his NOK. Who is that? Is he still married to his exW?

Why isn’t he getting a bridging-loan?

Wait…did you say they’ve got a child together? Why is he treating your mum and SDS like second tier family?

This idiot is in a complicated family situation for whatever reason and can’t be bothered to make a will to protect all of his children. If he wants to guarantee his wishes are followed, he has to make a will rather than depend on lovely Uncle Chris willingly giving away some of either his or his children’s inheritance. My DH’s family did this and the money never made it to those who were meant to be “taken care of”.

I can just see when they’ve moved in and work needs doing on the house he’ll start the “Well, why don’t we just keep your money where it is and use the sale money to get that lovely kitchen you like. You’re ok paying half, aren’t you?”.

“I do think he'll look after my brother though.”

😳

You only gamble what you can comfortably afford to lose… and you and your mum know it’s a gamble

When we lent money to our ds we put a charge on the property.
It can’t then be sold without paying the loan back first.
Your dm need to see a good solicitor.

Your mum will make a great candidate for a Netflix documentary if she agrees to this.

From experience the bank would probably want your mum to declare this as a gift, not a loan for him to use this equity as his mortgage deposit (speaking as someone who's parents gifted some money for house deposit). So absolutely not.

He can get a bridging loan.

Your mum needs to get legal advice

Call me old fashioned, call me sexist but I don’t believe in giving men money (even as a loan) and I would be permanently put off a man who even asked.

Also basic rule if you are going to lend money
assume you won’t get it back. Can your mom afford to lose it?