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propertylawyer
propertylawyer, Solicitor
Category: Family Law
Satisfied Customers: 280
Experience:  Property Solicitor with expertise in commercial and residential property transactions.
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My son is getting divorced. After 3 years of marriage. they

Customer Question

My son is getting divorced. After 3 years of marriage. they have 2 children 7 and 5. We gave them £100,000 to put together for a house. the house is valued at £200,000. We have a charge on th property for £50,000. What is the chance of us recovering any monies?
Submitted: 9 months ago.
Category: Family Law
Expert:  propertylawyer replied 9 months ago.

Do I understand correct that you gave £100k to your son and his spouse but if that sum only £50k is protected by way of registered charge in your favour?

Why does the charge only cover ££50k?

Any written agreement in respect of of full £100k?

Customer: replied 9 months ago.
We gave them £100K and only £50k was protected by a registered charge on the property as advised by the solictor handling the purchase of the property. The other £50K coulld be viewed as a gift I guess. We do have a written agreement of the £100K as they were supposed to pay us back £1K/annum or from any profit at a later dat should the property be sold. We never received the £1K/annum payment as they simply had no money.
Customer: replied 9 months ago.
We have received this notice frpm the court but it is the first we have received after we stated that he was noot prepared to pay the legal fees for both parties
Expert:  propertylawyer replied 9 months ago.

Why warehouse advised not to charge the full £100k?

What does the notice say?

Customer: replied 9 months ago.
We cannot remember, the conveyancing solicitor said at the time it might apply. The notice says that the decree nisi will be issued on thursday
Expert:  Clare replied 9 months ago.

My name is ***** ***** I have been a family lawyer for more than 35 years.

The Decree Nisi is simply the first step of the two stage divorce process, and has no relevance to the financial issues.

Within the financial matters your £50,000 is safe and will be certainly be repaid in full eventually.

Your son can certainly argue that the other £50,000 should be repaid first before there is any other distribution of assets - although it may be more realistic for him to argue that he shoudl get a larger eventual share of assets so that he can repay you in due course

Please ask if you need further details

Customer: replied 9 months ago.
Thank you. Do you think there is a chance that the judge woulld order for him to leave the property and for her with the childeren to take up residence?
Expert:  Clare replied 9 months ago.

How much is the house worth and how much is outstanding on the mortgage?

Where are she and the children living at the moment?

Customer: replied 9 months ago.
The house is worth £200K with a £100K mortgage. She is in rented accom around the corner. The children spend friday night through to monday morning with their dad
Expert:  Clare replied 9 months ago.

Does she have a new partner and how old are the children?

Expert:  propertylawyer replied 9 months ago.

Excuse me Claire, I was communicating with this client first and find it disappointing that you are now communicating before I have opted out. Please kindly refrain from communicating further.

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