sun_sparks
Registered User
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- 416
I'm looking for advice for myself and my boyfriend.
The boyf's parents are lending us (well actually him) money to use as a deposit to buy our house. To this end, they have completed a "gifting" letter, explaining that they have no interest in the house, etc. etc.
They have remortgaged to provide €50,000, and we have agreed to pay their additional monthly repayment with a view to remortgaging our new property in two years to pay back the balance.
I don't need advice on the financial side of this; we have thoroughly discussed all the implications. (Not all of this money is being used for the house - some if going toward buying a car, etc.)
Now, the question is this:
Given that myself and the boyf are not (yet) married, we would like to draw up a document protecting his parents and him in case the relationship ends for some reason. Obviously, I jointly owe the €50,000 plus interest, but how best would we draw up a document stating this and stating that, should the relationship end, his parents are paid back before the balance of the house is divided. Or should we leave the house out of it for tax reasons?
I'm also unsure as to whether to discuss this with a solicitor - does it have Revenue implications?
The boyf's parents are lending us (well actually him) money to use as a deposit to buy our house. To this end, they have completed a "gifting" letter, explaining that they have no interest in the house, etc. etc.
They have remortgaged to provide €50,000, and we have agreed to pay their additional monthly repayment with a view to remortgaging our new property in two years to pay back the balance.
I don't need advice on the financial side of this; we have thoroughly discussed all the implications. (Not all of this money is being used for the house - some if going toward buying a car, etc.)
Now, the question is this:
Given that myself and the boyf are not (yet) married, we would like to draw up a document protecting his parents and him in case the relationship ends for some reason. Obviously, I jointly owe the €50,000 plus interest, but how best would we draw up a document stating this and stating that, should the relationship end, his parents are paid back before the balance of the house is divided. Or should we leave the house out of it for tax reasons?
I'm also unsure as to whether to discuss this with a solicitor - does it have Revenue implications?