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girlfriend problem
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redmalc
Posts: 1,435 Forumite
Hi the scenario is we had a loan from my parents of 80K in 2007 to assist with the house purchase and the remainder we had on mortgage 40K, a solicitor drew up an agreement that my girlfriend signed to say if we split the first 80k would be paid to my parents interest free then the morgage paid and any surplus we split.The problem is now my parents have fell out with my girlfriend and have discussed the possibility of paying the mortgage of and having the house in their name and we have to pay a fair rent,what are the problems with this ,if any
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If the property isn't in their name, but is in the name of you and your girlfriend, they can't do that without you and your girlfriend's consent.
Is there anything in your legal agreement with them that would imply such consent?
Do you actually want this to happen?0 -
No problem with it if you are happy with the arrangement.
Are you in a position to raise the 80k yourself and buy out your parents interest in the property?I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Its your name on the title deeds.
Its your house
Do what you wantI am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
What were the full terms of the loan?
Was it to you or both of you?
Whats the house worth now?
They should buy it off you not just pay the mortgage off.
Problems.
Your parents have too much control over your life
The GF refuses to pay rent
You both let the parents buy the house and go live somewhere else.0 -
No we do not have the ability to raise the 80K,and we do not want the hastle which would be forthcoming0
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What hassle?
It sounds like you may be better selling the property, repaying yoru parents, and renting elsewhere.
Put whatever you walk away with into savings and use as a deposit in the future.
That way YOU decide where you live.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
There would be no equity, they are selling for what we purchased for0
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great
Let your parents buy the place before priced drop futher, zero cost to you.
Then decide where you want to live.0 -
They are not selling you are. As others have said it is your house.
Why is the thread titled "Girlfriend problem", I thought it should have been "Parent problem"?:cool:
"You have enemies? Good. That means you've stood up for something, sometime in your life." Winston Churchill
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If you are repaying the 'Parent' loan, which they agreed to, the parent should not change the terms of that loan. The problem is with the Parent, not your GF.
One thing to remember.
A daughter is a daughter all of their life, a son is a son until he meets a wife.0
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