I receive a gift of money from my parent and would like to

Your best bet is that the agreement is the deposit goes back to your parents, reason being that in the event of divorce it is more likely to be upheld because they are not party to the divorce and therefore the agreement should be upheld in their favour. They can gift the money back to you after the divorce if they want. Your best option is to obtain a deed of trust. This is a legally-binding document recording the financial arrangements between joint property owners, and/or anyone else with a financial interest in the property. The purpose of a Declaration of Trust is to remove any uncertainty as to what will happen to each person's financial investment in the property. What’s included in a Declaration of Trust will depend on your individual circumstances. It can include:

• How much each person contributes to the deposit, and how much will be repaid to them
• What percentage of the property each person will own, and how the money will be split if the property is sold
• How much each person will pay towards the mortgage, and how the mortgage will ultimately be paid off

To get a deed of trust drawn up typically costs around £200. You can see a provider of such services offering a fixed fee price of £180 here:

https://www.deedoftrust.co.uk/

I trust this assists 

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