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Original poster

When does it become mine and not a gift?

46 replies

LoveGoldberg · 29/12/2021 12:07

My partner is selling his house, he has been made redundant and got in a financial mess, he has a job lined up but not until February. I tried to buy it from him but he would have to give me the deposit but the banks wouldn’t allow it because he isn’t a relative, and he would continue living with me.
We’ve spoke about it and he would like to share the profits of the house with me as even though my name wasn’t on the mortgage I’ve invested a lot. I would like to use this as a deposit to buy somewhere just in my name for us. However as the bank declined me being able to use this as a deposit what can we do?
I won’t be buying for a year or so, can I put it in premium bonds and at some point will it become mine and not his money?

OP posts:

Mummapenguin20 · 02/01/2022 18:30

Cant he give the money to a family member who can then give to you

ChicCroissant · 02/01/2022 18:36

I don't think the gift/deposit is available until after the house sells, which is why the bank won't accept it.

theemmadilemma · 02/01/2022 18:42

I sold my house, the proceeds were used as the deposit on a mortgage in my partners name only. I did have to sign away any rights to the property, but that was fine as part of the process to get here and won't apply long term. It's certainly possible.

theemmadilemma · 02/01/2022 18:43

Sale and purchase completed at the same time.

TueWed · 02/01/2022 18:45

@MolkosTeenageAngst

Can your partner transfer the money to a close relative and then have the close relative ‘gift’ the money to you?

Technically money laundering I believe

theemmadilemma · 02/01/2022 18:59

We used Halifax. Not even a broker. They requested the letter from me releasing all claim to the property. I'm shocked you're having so much trouble.

theemmadilemma · 03/01/2022 07:50

Sorry I should add I'm residing in the property. We co-habit, and will remortgage/change the deeds when my credit improves.

But what you want is possible. Get better advice.

theemmadilemma · 03/01/2022 07:56

All done in Nov 2021.

junebirthdaygirl · 03/01/2022 08:10

I would do everything in my power not to sell the house as its going to be so difficult to get up and running again and ye may end up renting forever. Could ye rent out a room to help pay down debts while continuing to pay the mortgage. Obviously you need security in the house s to do this.

Avarua · 03/01/2022 09:04

Banks have zero interest in booting people out who can pay the mortgage. They don't actually want to repossess the house, provided you can pay. Talk to them. Lay out your plan to pay the arrears. If his income was impacted by covid 19 then they may have special dispensations to deal with that.

Some insurance policies may provide cover if your income has been impacted by COVID-19. We suggest talking to your insurer if you’re uncertain about the cover you have.

wantmorenow · 03/01/2022 10:22

Just pretend you are splitting up and he won't be living there?

Rabblesthecat · 03/01/2022 11:55

When we bought it was similar - the sponsor came from me but for various reasons i could not be on the mortgage

We claimed we were split up, the deposit was my parting settlement To my ex. He bought in his name.

Needs a solicitor on board but our broker knew one who would not ask questions they didn’t have to.

BillMasen · 03/01/2022 11:59

It could look like he’s “hiding” a lump sum by giving it to you rather than pay his debts.

Mildly surprised by a couple of posters advocating lying about splitting up or hiding money with relatives (actually not surprise, there’s always a few on here…)

burnoutbabe · 03/01/2022 12:20

why can't you just be added to the mortgage /deeds of current place?

or is he too far behind in his payments to be able to clear the debt?

in which case he doesn't have any equity to give you?

Or he rents out the house for now and lives with you? until he has a job again? seems odd he HAS TO SELL but has a job lined up for 1 months time?

AlbertBridge · 03/01/2022 12:31

I did have to sign away any rights to the property, but that was fine as part of the process to get here and won't apply long term.

Eek! This would terrify me. What if you split up before you've changed the deeds, remortgaged, etc? 😅

Qwertykeys · 03/01/2022 13:18

Why don’t you start paying his mortgage? Surely that way you stay in the house , start paying down his debt then look at adding you to the mortgage in a year or so .

BluebellsGreenbells · 03/01/2022 13:22

Get married. Registry office. £50

Luredbyapomegranate · 03/01/2022 13:34

Have you seen an FA?

Original poster

LoveGoldberg · 03/01/2022 13:42

@theemmadilemma I will contact Halifax. We’ve already tried a broker who couldn’t find anyone but yours sounds a very similar position. Did you use a specialist solicitor or just a bog standard one?

OP posts:

theemmadilemma · 05/01/2022 08:10

[quote LoveGoldberg]@theemmadilemma I will contact Halifax. We’ve already tried a broker who couldn’t find anyone but yours sounds a very similar position. Did you use a specialist solicitor or just a bog standard one?[/quote]
Bog standard solicitor.

One other thing possibly worth mentioning. Obviously it's a huge trust thing to sign away a large amount of money. I was fine with that. We did however put wills in place leaving everything to each other so that in the case of an accidental death I'm not fucked and get the house (and my deposit) back.

Good luck. I think it's exactly the same scenario. 🤞🏼

theemmadilemma · 05/01/2022 08:13

@AlbertBridge

I did have to sign away any rights to the property, but that was fine as part of the process to get here and won't apply long term.

Eek! This would terrify me. What if you split up before you've changed the deeds, remortgaged, etc? 😅

It's a huge leap of faith. I have other documentation that shows our agreement, and wills to protect in death. But, yes, ultimately for now, I just have to trust.

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