How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Thomas Your Own Question
Thomas, Solicitor
Category: Family Law
Satisfied Customers: 7660
Experience:  UK solicitor
Type Your Family Law Question Here...
Thomas is online now

I have a house with a morgage in my name, my parents gave me

This answer was rated:

I have a house with a morgage in my name, my parents gave me a loan for the deposit , is the house considered their asset?
Thanks for your question.
Is the loan secured against the property?
Did you execute a loan agreement or legal charge with them?
Kind regards.
Customer: replied 3 years ago.
There was no written contract, half of the loan has been paid , but my father died and said to write off the loan, but my mother has been in a home as she has dementia, my father left everything to my mother but now because of her condition her finances are under the court of protection , and it has been suggested by my brother that my house is an asset of my mothers
Is the mortgage/property in your sole name?
Kind regards,
Customer: replied 3 years ago.
Yes it is my sole name
Thank you for your question and patience, I’m Tom and I’ll try to help you.
The property is your asset. It is not considered to be your mother’s asset.
However, if the loan was not been written off then the debt owed by you to your mother would be considered part of her assets. If this was the case and the loan was intended to be repayable then the only way that your equity in the property might be at risk is if they attempted to claim that repayment of the loan was due and then attempted to apply to court for a charging order against your property. This would only be to secure any sums owed to your mother under the loan, the house itself would remain in your legal ownership
If you have any evidence of the fact that your father/mother wrote off your loan then you should gather this if and when they get in contact with you.
If the COP are unaware of the loan then nothing will happen. If they accept the loan was written off then nothing will happen.
My goal is to provide you with a good service. If you feel you have received anything less, please reply back as I am happy to address follow-up issues specifically relating to your question.
Kind regards,
Thomas and other Family Law Specialists are ready to help you
Customer: replied 3 years ago.
Thank you rhomas
No problem, good luck.