*

[OrangeCrush]

.

[Rip]

QUESTION: Does a prenup cover only those who are married, or do they also protect those in common law situations?

As pre-nuptial agreement here is made to deviate from the main rule (sightly simplified: in case of divorce or death, property is split) and non-married couples keep what they owned when they split, the answer is "no"+

QUESTION: Is this a possibility, to become 100% owner on paper immediately, or will the bank have anything to say about that?

For the ownership of the house, maybe not, though it is bit complex can you legally donate the part of the house without the ownership documents (that the bank keeps) in your possession. You should portably ask from a lawyer.
- but also have you thought about the tax consequences? There is the transfer tax for the property, and then the gift tax, which I have to say I don't know how it should be calculated if you transfer 50% of the ownership but not the mortgage.b It would be useful to have lawyer that knows the tax laws well....

QUESTION: Just how much "damage" could my fiancé's father cause, and how would it even be possible for the father to get clearance for information about our house and mortgage? Is my signature not needed on everything, least of all a renegotiation of a mortgage for which my half of the house is currently collateral?

The worst I can think is that you fiancée gets himself in debt, and to cover them, the house would need to be sold (there is some protection for your main residence, but is not absolute). With 50:50 ownership, half of the proceeds (after covering the mortgage) would of course be your money not his or his father or their creditors.

I think you need professional advice.

[rinso]

The worst I can think is that you fiancée gets himself in debt, and to cover them, the house would need to be sold (there is some protection for your main residence, but is not absolute). With 50:50 ownership, half of the proceeds (after covering the mortgage) would of course be your money not his or his father or their creditors.

I think this could be an opportunity to buy the other half of the house. Selling the house where you live to a third party is not an attractive option for the bank. I think they will be eager to negotiate with you.

[OrangeCrush]

.

[Upphew]

Fiancé has given his father (on his father's advice) written "power of attorney" to be able to inquire about certain loan amounts and repayment schedules, etc.

One doesn't need power of attorney to inquire those. One needs it to take out those loans!
http://www.nettilaki.com/a/valtuutuksen-peruuttaminen

[OrangeCrush]

.

[Snorri]

Hi,

If you should own 100% of the house he sells hes 50% to you and you take over his mortgage. You own the house 100% and pay the mortgage 100%.
There is no gift tax involved.

Dodgy inlaw - Once a something something always a something something. Keep your name on all that you can and stay clear of him and also seperate your economy as much as possibl from the fiancé since he will probably crumble to the cries for help from his father at some point.

[betelgeuse]

So, owning 100% of the house (something he's fully behind) would only ever be possible without the transfer tax or gift tax if we married and eventually (hopefully NOT!) divorce or one of us passes on? I really don't want to have to pay those taxes, obviously, seeing as the money he owes me adds easily up to the value of his 50%, and we thought this could be a way of taking care of that.

Yes you are correct about the transfer tax. Gift tax can be avoided by selling the 50% to you (it is possible to undervalue the sale by 25%). In the sale transfer tax of course applies.

Another question: Would there be some sort of legally enforceable contract going over what he owes me (I have a breakdown with dates and amounts) that can be done up by a lawyer, signed by both of us and two uninterested witnesses, then filed for my protection? (I'm honesty more scared of the fiancé's father than anything...fiancé is the one offering the house/a payback situation.) If so, then the 50/50 home ownership can stay the same until the end of time, for all I'd care!

Yes. The format for such a thing is free. However do note that since he has other debts your position will not be any different from other collectors. You would want the contract to include the 50% as collateral. The government does not keep a register where you could file such things. Lawyers or banks can sell you safety deposit boxes / services to archive the contract.

[betelgeuse]

So, owning 100% of the house (something he's fully behind) would only ever be possible without the transfer tax or gift tax if we married and eventually (hopefully NOT!) divorce or one of us passes on? I really don't want to have to pay those taxes, obviously, seeing as the money he owes me adds easily up to the value of his 50%, and we thought this could be a way of taking care of that.

Personally I would consider just biting the bullet with the 2% or 4% transfer tax (LLC Housing Company vs. property) and have him pay back the money he owes you with the 50% of the house. Then you can be sure that whatever papers he signs, the house will not be at risk.

[OrangeCrush]

.

[betelgeuse]

Thanks for the new replies! I am not in a position to buy him out of his 50%, only because the money with which I'd do that is the money he owes me now. I highly doubt the bank would let me take over the mortgage, as I work from home as a freelancer and so cannot show them a steady income is being earned. Fiancé was given a mortgage, as I paid for my half of the house immediately, and he works full-time and could show them paystubs.

Seems I got mixed who had the mortgage and who paid with cash.

I could bite the bullet and pay transfer tax, yes. Could this really be the ideal solution? Show a contract stating what all is owned plus dates, times, etc, and then arrange it so his share of the house would be accepted as the repaying of his debt to me? Would the bank feel comfortable with that, and allow him to keep paying the mortgage using the house as collateral?

In practice the bank doesn't care as long as payments keep coming on time. The actual sales contract doesn't require the bank. If it's stocks we are talking about them the bank is needed to mark it to the share certificates but this could wait until the dept is paid. However, the terms of the loan would need to be checked what they say about such sales. What is the ideal solution requires spending time with an expert like a lawyer who is given as much information as possible (which you probably wouldn't disclose to such a public forum as this one).

[OrangeCrush]

.