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girlfriend problem

redmalc
redmalc Posts: 1,433 Forumite
Part of the Furniture 1,000 Posts Combo Breaker
in Mortgages & endowments
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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Comments

  • opinions4u
    opinions4u Posts: 19,411 Forumite
    edited 12 October 2010 at 10:22AM
    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?
  • GMS
    GMS Posts: 5,388 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    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 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.
  • betmunch
    betmunch Posts: 3,126 Forumite
    Its your name on the title deeds.

    Its your house

    Do what you want
    I 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.
  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    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.
  • redmalc
    redmalc Posts: 1,433 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    No we do not have the ability to raise the 80K,and we do not want the hastle which would be forthcoming
  • GMS
    GMS Posts: 5,388 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    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 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.
  • redmalc
    redmalc Posts: 1,433 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    There would be no equity, they are selling for what we purchased for
  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    great

    Let your parents buy the place before priced drop futher, zero cost to you.

    Then decide where you want to live.
  • zfrl
    zfrl Posts: 641 Forumite
    Part of the Furniture Combo Breaker
    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
    [SIZE=-1]
    [/SIZE]
  • Freddie_Snowbits
    Freddie_Snowbits Posts: 4,328 Forumite
    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.
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