ChatterBank0 min ago
gifted mortgage
20 Answers
my dad approached me to buy his house two years ago.as he was moving abroad after his retirement. he said i can have the house for �236.000.i went to see a bank for the money and they gave me an offer for the �236.000 but the bank came to value the property for �270.000. the bank wrote to my dad about the market price of the property which he agreed and gave the remaining �34.000 to me as a gift. the mortgage went through and i bought the property.now the problem is he has got his money and yet he said he has change his plan. he doesn't want to move out of the property and he doesn't want me to come to the house. he said i should take him to court if i want him out. can he take back his gift ? i want him to buy the house back , he has refused saying that he got no money. i am paying the mortgage on the house while he leave in the property for free. i paid stamp duty on the whole �270.000 at the completion of the mortgage. i need a help here plaese.
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It's also a cautionary tale for all those people who consider buying their parent's property at nil cost/low cost/below market value thinking they'll avoid inheritance tax or care home fees or get an advance on their inheritance. Deals with family members have great potential to go wrong, especially where you allow the original owner to remain in the property. Always take legal advice!
It's also a cautionary tale for all those people who consider buying their parent's property at nil cost/low cost/below market value thinking they'll avoid inheritance tax or care home fees or get an advance on their inheritance. Deals with family members have great potential to go wrong, especially where you allow the original owner to remain in the property. Always take legal advice!
This is awful.
Could your Dad afford to rent the property from you ? If he has no money could he get housing benefit?
A half hour consultation with a Solicitor will be free for you I believe.
Do you think he planned this ?
You could always stop paying the mortgage, the bank will re-posessess and although you would be blacklisted it would then be up to them surely to get your father out of the property.
Sorry I cant be of any more help other than to say this is shocking and very sad for you
Take Care.
katie. x
Could your Dad afford to rent the property from you ? If he has no money could he get housing benefit?
A half hour consultation with a Solicitor will be free for you I believe.
Do you think he planned this ?
You could always stop paying the mortgage, the bank will re-posessess and although you would be blacklisted it would then be up to them surely to get your father out of the property.
Sorry I cant be of any more help other than to say this is shocking and very sad for you
Take Care.
katie. x
How can he not want you at the house? its your blinking house.
Move in there and throw lots of wild parties. Put a skip in garden and buy lots metal mashed cars from the scrapyard. Break all the windows and board them up and then get a load of art students to come and spray graffiti on them.
This would all be relatively inexpensive. You could also take all the doors off as well, front door, back door, the lot !
He wouldnt be able to replace them because HE HAS NO MONEY DOES HE !
Katie. x
Move in there and throw lots of wild parties. Put a skip in garden and buy lots metal mashed cars from the scrapyard. Break all the windows and board them up and then get a load of art students to come and spray graffiti on them.
This would all be relatively inexpensive. You could also take all the doors off as well, front door, back door, the lot !
He wouldnt be able to replace them because HE HAS NO MONEY DOES HE !
Katie. x
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God, that's unbelievable. What kind of parent would do that to a child, sounds like he scammed you. You need to fight fire with fire. Go and seek legal advice.
If you have more scruples than your old dad and you haven't the heart to start eviction proceedings, maybe you should advertise to rent a couple of rooms out, so at least you will get some money coming in, to go towards the mortgage. He is effectively a sitting tenant, who refuses to pay rent.
If you have more scruples than your old dad and you haven't the heart to start eviction proceedings, maybe you should advertise to rent a couple of rooms out, so at least you will get some money coming in, to go towards the mortgage. He is effectively a sitting tenant, who refuses to pay rent.
This is an awful situation Atta.
But one thing puzzles me. If he said you could have it for �236,000 (which is below the �250,000 higher rate stamp duty threshold) I don't understand the reason for paying �270,000, thereby incurring much higher stamp duty, and then gifting back the �34,000. Was there some other reason for doing it this way round and incuuring additional stamp duty?
But one thing puzzles me. If he said you could have it for �236,000 (which is below the �250,000 higher rate stamp duty threshold) I don't understand the reason for paying �270,000, thereby incurring much higher stamp duty, and then gifting back the �34,000. Was there some other reason for doing it this way round and incuuring additional stamp duty?