help with deeds and mortgage

[emu]

Hi
when we purchased our house about 7 years ago we got given a 100k deposit by our inlaws

we took out a mortgage for the rest

my wife and i are the only people on the deeds

the inlaws decided to convert our garage to a room and have been staying with us for the past 5 years while they work and save to return back to spain next year , they gave us the 100k towards the house but im just wondering where we stand legally with this

[Mickey]

Really needs to be in the legal section

[emu]

Really needs to be in the legal section

probably does but i think its vip only in that section?

[flipper321]

When you bought the house did you declare or were you questioned on the origin of the £100k at all?

[cyprus]

What's the ventilation like in the garage?

[grrrd]

All depends on the mortgage you got. if its Joint Tenancy or Tennants in common. Tennants in common would state the share of the house to the people on the deeds, Joint tennancy would mean split 50/50 between the people on the deeds.
If they are not or the deeds at all then they wouldn't have rights to the house. Do you have a contract with them for the money? Its a classic Judge Judy sort of scenario (watched a couple of episodes on holiday last week). It all depends if you had an agreement to repay or not, if you did have the agreement then you will have to repay - which if the only way was to sell your house you would have to. If it was 'gifted' to you then a gift is a gift - you may then might have some difficulties with capital gains if you didn't declare the money and didn't pay TAX on it.


My opinion btw - i am no legal expert or anything like it!

[JonEp]

Ita actually quite simple in relation to the property itself. Either the in laws have a charge on the property or not. This can be seen by paying the 3 quid purchasing the title extract from the land registry web site.

If its not then the 100k is an unsecured debt and would need to be proved in court byway of judgement and then registered as a charge against the property.





Sent from my Nexus 5 using Tapatalk

[DJ OD]

Are you really asking "can you screw the inlaws from their 100k investment/loan"?

It's a bit like the so-called prenuptial agreements people take out when getting married. I don't think they are actually inforcable in law, even if there is a signed paper agreement.

So even if you have a document to say they lent you 100k or not, it would need to go to court. Eventually I would say that the court would rule in their favour as they could probably show evidence of having the money in the first place, and then you having it. Would take a while and cost both parties a lot.

IMO it's a moral thing. Fuck them over or not.


DJ OD

[mysterym]

If they love you both enough to give you 100k for your house then handing over a garage for them to live in is hardly a hardship, did you not ask where you stand when they signed over 100k? Surely they would have told you if it was a loan or a gift. I'd be worshipping the ground they walked on personally.

[rookie]

You havnt been shagging the mother in law on the sly have you

[flumperino]

I think you need to clarify what your exact question is emu....it can be read several ways.

[emu]

thanks for all the replys

it looks like we signed at the solicitor to say we had to repay the 100k if we sell the house

my wife and me are the only people on the deeds