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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10915
Experience:  Solicitor with 5+ years experience
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I bought a property off my parents and they gifted myself the

Resolved Question:

I bought a property off my parents and they gifted myself the deposit. I have every intention of paying them the money but at the moment i have not got the means to pay them. My father now wants the money in full, and if i do not pay him in 4 weeks he is threatening legal action believe it or not! Where do i stand from a legal point of view?
Submitted: 1 year ago.
Category: Law
Expert:  Ash replied 1 year ago.
Alex Watts : my name is ***** ***** I will help you with this.
Alex Watts : please let me know why if it was a gift is it now he demanded back?
Customer:

It was classed as a gifted deposit, but the understanding was I'd pay it back when i could borrow against the property in the future. As property prices in the area have only increased a little in the time since I bought it, this has not been possible at the minute.

Alex Watts : Was anything in writing?
Customer:

I'm not sure as it was done through a mortgage broker. There was never any timescale put in place monies to be paid back.

Alex Watts : Ok. How much is owed?
Alex Watts : was there a timeframe when you agreed to pay it back?
Customer:

£15,000. As my mother and father are divorced my father wants £7500. My mother hasn't requested any money and is willing to wait until i can pay it back.

Customer:

I was hopeful of paying it back within a couple of years, but nothing was agreed

Alex Watts : Ok. At worst your Dad can take you to court. It would be a small claim.
Alex Watts : You would defend it on the basis there was no agreed repayment period.
Alex Watts : from a legal point of view you can't stop someone bringing a claim.
Alex Watts : But based on the fact he agreed that it was only to be repaid when you can secure further borrowing, any claim would likely fail.
Alex Watts : can I clarify anything about this today please?
Customer:

No that's fine, thank you help

Ash, Solicitor
Category: Law
Satisfied Customers: 10915
Experience: Solicitor with 5+ years experience
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