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Clare
Clare, Solicitor
Category: Property Law
Satisfied Customers: 34236
Experience:  I have been a solicitor in High Street Practise since 1985 with a wide general experience.
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My daughter bought a house with her boyfriend 2 years ago.

Resolved Question:

My daughter bought a house with her boyfriend 2 years ago. It needs a lot of work (approx. £20,000) spending on it.
I paid deposit and charge - £11,000.
My daughter paid solicitors fees £999.
she had £8,000 in bank which has gone on house and her boyfriends start up self employed business.
He also got her to take loan out for £10,000 in her name which he has built a huge brick shed at bottom of garden with.
Out of his wages he has been paying mortgage, insurance, council tax and been putting £200 a month into her account to repay loan.
Her money has been going on food and towards his business and house.
He has taken her key and wont let us get it valued although it wont be worth any more than they paid which was £70,000 but they have got a £60,000 mortgage.
What do we do now.
If we sell it we will all get virtually nothing.
Maybe he could buy us out by a legal agreement to give us a sum (hopefully about £30,000) when he is in a position to re-mortgage in the future.
We buy him out for about £5,000.
I am able to pay for it to be done up.
He has only been self-employed for 18 months so may not be able to continue with mortgage alone.
Hope you can help
Submitted: 3 years ago.
Category: Property Law
Expert:  Clare replied 3 years ago.
Hi
Thank you for your question
My name is Clare
I shall do my best to help you but I need some further information first
Was your investment in the property protected by a Declaration of Trust - if not were there any discussions about what would happen if they separated.
Does your daughter wish to return to the property?
Clare
Customer: replied 3 years ago.

No my investment was not protected. My daughter does not want the property really. No discussion if they separated.

thank you

Expert:  Clare replied 3 years ago.
Hi
Are you willing to wait or would you rather force an immediate sale
Clare
Customer: replied 3 years ago.

Can wait - 20 years if need be x

Customer: replied 3 years ago.

Also, once done up the house should be worth about £120000.

Thank you

Expert:  Clare replied 3 years ago.
Hi
The first thing to be aware of is that your daughter is entitled to re-enter the property whenever she wishes - using a locksmith or even breaking in if necessary
From what you have said the only equity comes from the deposit that you paid
It is hard to see how delay can work in your daughter's favour - it is possible that house prices will recover - but equally they may not and her ex could go bankrupt which would cause further problems.
The cleanest option would probably be to force an immediate sale of the property with such equity as there is being returned to you
This is certainly achievable.
However if you would prefer to try and recover the losses the offer of £5,000 is a generous one.
A clear letter setting out the options - and the potential costs, may make her ex understand the generosity of that offer
If you need further details please do not hesitate to ask
Clare
Clare and other Property Law Specialists are ready to help you
Customer: replied 3 years ago.

Will I be entitled to deposit back though I didn't do a deed of trust.thanks

Expert:  Clare replied 3 years ago.
Hi
That is a point that can be argued - but you do have an excellent chance of success
Clare