money given as a gift

meritaten

one simple thing most of you are overlooking.........whose name is on the deeds? if its just yours then mum has absolutely no chance of making you sell the house - Its yours! well yours and the mortgage companies. if mum is a joint owner then things can get more complicated......but i suspect this isnt so.
I would just sit tight hun and wait and see what happens, it makes no sense to sell a property right now if you dont absolutely HAVE to!
besides which, I get this feeling that mum may well have need of it in future!

RAS

hannah29 wrote: »

she agreed on paper she would stay in the house until she died and we agreed that would happen,

in which case it is a gift with reservation.

RAS

meritaten wrote: »

one simple thing most of you are overlooking.........whose name is on the deeds?

yep

your and OH's names are on the mortgage, whose names are on the deeds?

hannah29_2

only ours also

meritaten

your name on the deeds - YOUR house. but 'also' what? is there a covenant?

peachyprice

Think OP means just their names on the mortgage and also the deeds Meri.

vaio

As I think it’s common ground that she is entitled to live there rent free until she dies then that entitlement has a value which in broad terms is the same as the rental potential.

Would a solution involving her renting it out after she’s moved and keeping the rent be worth thinking about?

Seems to tick all the boxes to me, house doesn’t get sold, your outgoings stay the same, she gets some money and best of all it’s relatively easy to undo it if needed

meritaten

ok - if its just the ops name on mortgage and deeds - Its their house! legally, its one of the few instances where possession is nine tenths of the law! or even ten tenths! you have the deeds you have the house!
your mum has stayed there for a number of years rent free - but now she wants you to sell. she claims she has equity in the house due to a 'gift' she made? sorry - but if she gave you money and didnt specify how it was repaid (and you say that in the papers she has a 'use of the house until she dies') then it DOES not mean she has any sort of ownership in the house. just that she can live it in it! I think this is called an entailment - but I could be wrong!

onlyroz

vaio wrote: »

As I think it’s common ground that she is entitled to live there rent free until she dies then that entitlement has a value which in broad terms is the same as the rental potential.

Would a solution involving her renting it out after she’s moved and keeping the rent be worth thinking about?

Seems to tick all the boxes to me, house doesn’t get sold, your outgoings stay the same, she gets some money and best of all it’s relatively easy to undo it if needed

This sounds like a workable solution to me...

vaio

Yep, I was pleased with it