Crosswords0 min ago
Legal owners
If my parents 'lent me �80k 10 years ago to by a house and i knew it was only to get me on the housing ladder. Me and my wife are now getting a divorce and my parents say that the house is legaly thiers as thy paid for the house directly from their accounts to the solisitor's even though they put My Wife's and My Name's on the Deed's.
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For more on marking an answer as the "Best Answer", please visit our FAQ.are you saying that although you realise it was their money you have no wish to return it?
Ive heard of this before and trust is often broken by someone and the funds are hard to get back.
Your parents should have made sure your solicitor put details of the money on record.
In a fair world, you should really reimburse your parents, before splitting any equity between yourself and your wife.
Ive heard of this before and trust is often broken by someone and the funds are hard to get back.
Your parents should have made sure your solicitor put details of the money on record.
In a fair world, you should really reimburse your parents, before splitting any equity between yourself and your wife.
Unless there was a written agreement in place your parents will be having trouble proving the loan was indeed a loan & not a gift.
Your names are on the deeds, not theirs. It is their fault for not making it an official loan.
My parents lent me a deposit for a house ~ they wanted it to be a gift, but I didn't. I typed out a 'promissory note', signed & witnessed, that I would repay the money within 5 years ~ which I did..plus interest.
Your names are on the deeds, not theirs. It is their fault for not making it an official loan.
My parents lent me a deposit for a house ~ they wanted it to be a gift, but I didn't. I typed out a 'promissory note', signed & witnessed, that I would repay the money within 5 years ~ which I did..plus interest.
In some situations (e.g. bankruptcy) the beneficial interest in a house is considered as well as the legal ownership. If your parents paid for the house then they could argue they had a beneficial interest in it but:-
1. You need a solicitor to advise you whether this type of interest is considerd in divorce proceedings: &
2. As already said, you would have difficulty proving it was not a gift.
1. You need a solicitor to advise you whether this type of interest is considerd in divorce proceedings: &
2. As already said, you would have difficulty proving it was not a gift.