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Remus2004, Barrister
Category: Property Law
Satisfied Customers: 2456
Experience:  Over 5 years in practice.
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I'm Louisa. I am currently going through a separation, we have bought a hou

Customer Question

I'm Louisa. I am currently going through a separation, we have bought a house together in August and subsequently the relationship has broken down. My parents have put a lot of money into the deposit of the house and I am looking to protect their money. Do you know what I can do?
Submitted: 1 year ago.
Category: Property Law
Expert:  Clare replied 1 year ago.
Hi Thank you for your questionMy name is ***** ***** do my best to help you but I need some further information firstHow much is the house worth and how much is outstanding on the mortgage?How much did your parents contribute?Are there any children involved?
Customer: replied 1 year ago.
Hi,The house was bought for £280,000.I have a daughter who is not my ex partners that lives with me and she has a baby son.We have only been paying the mortgage since September, I cover the mortgage which is just over £1,200 and my ex partner has been paying the bills, council tax etc...My parents contributed £30,000.00 to the deposit.
Expert:  Clare replied 1 year ago.
How much is currently outstanding on the mortgage?
Customer: replied 1 year ago.
I believe £250,00.00
Expert:  Clare replied 1 year ago.
Did you protect the deposit with a Declaration of trust?
Customer: replied 1 year ago.
No, it has not been protected.
Expert:  Clare replied 1 year ago.
Was the money from your parents a loan or a gift?What was discussed about repaying it?
Customer: replied 1 year ago.
It was a gift. No discussion about repaying.
Expert:  Clare replied 1 year ago.
Was it meant to be a gift to you - or to both of you?