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Ask Clare Your Own Question

Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 33953
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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Our home is owned by my father in laws company, my husband

Customer Question

Our home is owned by my father in laws company, my husband is a director and shareholder. I have some concerns that if my husband dies or leaves me that I have no claim on the property or his shares. We have been married for 14 years and have 2 children and have lived in the house since we got married which my husband transferred over to the company 14 years ago. Could my children and I end up out on the street and be left with nothing
Submitted: 1 year ago.
Category: Law
Expert:  Clare replied 1 year ago.
HIThank you for your questionMy name is ***** ***** do my best to help you but I need some further information first.Why did your husband transfer his property to the company?
Customer: replied 1 year ago.
Because his dad got all his 5 children to transfer their properties into the family companies name as he paid off all their mortgages and said it was so none of his children had to pay a mortgage. He set up a family trust for all his 5 children for them to benefit from. Me concern is that my children and I have no claim now on anything at anytime
Expert:  Clare replied 1 year ago.
What shares does your husband have in the company?
Customer: replied 1 year ago.
My husband owns 9% as do his 4 family members. His dad is the majority share holder of 51%.
Customer: replied 1 year ago.
Still waiting a response.
Expert:  Clare replied 1 year ago.
My apologies for the delayHow much was the house worth and how much was outstanding on the mortgage when it was transferred?How much is the Company worth?
Customer: replied 1 year ago.
£66.000 was paid off that was left on the mtge.. The house is now valued at £215.000
The company is worth around the 1.000.000
On companies house it shows the company is very profitable and there are no debts as the company has lots of assets and even owns the building they work from which is worth around £250.000
Expert:  Clare replied 1 year ago.
How much was the house worth when the company took it over - best guess will do
Customer: replied 1 year ago.
£105.000
Customer: replied 1 year ago.
Oh sorry the house was worth £156.000
Was getting mixed up
Expert:  Clare replied 1 year ago.
That is OKHad you been living in the property prior to the transfer at all?
Customer: replied 1 year ago.
Yes I had..... It's was transferred just before we got martied
Expert:  Clare replied 1 year ago.
How long for?
Customer: replied 1 year ago.
I liveed there 6months before we got married.... Then just after we got married in May 2001 the mtge was paid off and transferred into the companies name. Do you think this was done so I have no claim against anything??? We now have 2 children together and been married 14 years. We are still together and my husband has said if he died before his dad then myself and our children would benefit from his part of the company and his benifit from his fathers trust.. This I don't believe
Customer: replied 1 year ago.
When your online I am curios to see how they have stitched me up..,,, I think it is done so we can't claim a anything. I feel my father in law has done it so his children's spouses can not make a claim against his estate as he's worth quite a lot of money. I myself have put a lot of money with working all our married life into our house and our marriage! My husband seems to think his dad would not see us with nothing if an awful eventual thing happened but I'm not convinced as my husband took no legal advice when transferring the property into the companies name. He thought it was a good thing with having no mortgage and with the company being worth so much money with would all benefit but I'm just worried now that if the awful thing happened and my husband went first then my family could end up with nothing and kicked out of our family home.
Expert:  Clare replied 1 year ago.
I rather suspect that that was exactly why his father did it - which does not mean that it will succeed.The first precaution that you need to take is to ensure that your husband makes a Will leaving his shares in the company to you.This is because if they are worth more than £250,000 then it becomes complicated in terms of how they would have to be shared between you and your children.So far as the house is concerned if you and your husband have spent YOUR OWN money on any alterations and improvements then this gives you a financialclaim on the proceeds of sale in any event.In addition the fact that your husband transferred the property on the basis that he and his family would always be housed would give you excellent grounds for arguing that you cannot be removed from the property so long as you and your children wish to live thereHowever whilst all of this means that you do not need to panic - the fact that it is not easy means that your husband needs to give proper thought to the situation and what would happen if he died - at the very least he should be insured to safeguard your future.I hope that this is of assistance - please ask if you need further detailsClare
Clare, Solicitor
Category: Law
Satisfied Customers: 33953
Experience: I have been a solicitor in High Street Practice since 1985 with a wide general experience.
Clare and other Law Specialists are ready to help you
Customer: replied 1 year ago.
Thank you so much for all your consideration in this matter. I thought as much about what you have confirmed.... I work in a solicitors but didn't want to ask anything to do with private things to do with my family! Thank you again for your assistance and I would recommend you to anyone eating advice. Kind regards
Louise Stephenson
Customer: replied 1 year ago.
Oh and we have taken a life insurance policy out on my husband over 12 months ago which is worth £200.000 just to help with any eventuality! Thank you again and I think my father in law is a cunning man...... And safe guarding his own finances and siblings but not thinking of his grandchildren and spouses.
Expert:  Clare replied 1 year ago.
I think you are right - and I am really glad about the policy
Customer: replied 1 year ago.
Much appreciated...... My husband is trying his best but I suppose I give him a hard time. As now we are in our 40s you just want to make sure your family are secure. Your advice has given me a better feeling about matters
Thank you again
Expert:  Clare replied 1 year ago.
Maybe the suggestion of constructive joint planning will help him focus

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