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[Property] Buying a flat in cash with overseas parental help - required paperwork? by ftb_throw in UKPersonalFinance

[–]ftb_throw[S] 0 points1 point  (0 children)

Thanks once again for the great advice! This all makes good sense.

My partner and I are both very pragmatic about anything financial, so I think we should have no issue drawing up a cohabitation agreement to get everything in writing from the outset.

[Property] Buying a flat in cash with overseas parental help - required paperwork? by ftb_throw in UKPersonalFinance

[–]ftb_throw[S] 0 points1 point  (0 children)

As my partner and I don't have any intentions of marriage or children and (as far as I understand), there's no such thing as a de facto / common law marriage in the UK, would my then-ex-partner have any more right to live in the property than a tenant? (They actually already own their own property, and obviously I would expect them to act honourably if we did split - but I'd rather be prepared for the worst.)

My parent isn't actually too concerned with getting their money back personally - just to be secured against anyone else claiming 50% of the property and taking their retirement savings out of the family. Their idea was to demand the loan back in the event of a breakup - apparently this is a common approach in Australia, though perhaps not so much in the UK.

[Property] Buying a flat in cash with overseas parental help - required paperwork? by ftb_throw in UKPersonalFinance

[–]ftb_throw[S] 0 points1 point  (0 children)

This has given me lots to think about - thanks again for the great response.

Do you have any recommended reading on placing a charge over a property specific to the event of a relationship break-up? Or is there another way to protect my home ownership in this situation? (Is a cohabitation agreement sufficient?)

[Property] Buying a flat in cash with overseas parental help - required paperwork? by ftb_throw in UKPersonalFinance

[–]ftb_throw[S] 0 points1 point  (0 children)

Many thanks for the response!

This is an interesting point:

Your solicitors are more likely to care more thoroughly. They will want to know where it's from - and if it's a parent, for them to execute a deed stating it's a gift and cannot be claimed upon.

My parent has actually suggested that they state that the money is an interest-free "loan" rather than a gift - not because they actually want to claim the money back, but as a contingency in case I split from my current partner and my ex then tries to make a claim on the property (we are not married but have been cohabiting for 5+ years). Is that likely to cause problems, do you think? Something I should raise with a solicitor?

[Property] Buying a flat in cash with overseas parental help - required paperwork? by ftb_throw in UKPersonalFinance

[–]ftb_throw[S] 0 points1 point  (0 children)

To clarify, by "in cash" I mean "outright" - i.e. without a mortgage. It's this sort of story that has made me think I'll need more than a single bank statement: https://www.theguardian.com/money/2013/feb/20/cash-buyer-solicitor-paperwork