Dad wants to buy Mum out of her share of the house, solicitor says no!

stanleymog

margaretclare wrote: »

'They are both nearly 70 and don't see the point (of getting divorced)'.


As has already been pointed out, your parents can easily live a long time yet. Therefore, there is every point!

This is starting to get annoying now, my parents, both of them do not want to get divorced, this is the choice they have both made so we have to accept that, in the future they may divorce each other, they may get back together, who knows? The point is at the moment they do not want to divorce, so we are trying to find a solution that suits them.

CH27

stanleymog wrote: »

This is starting to get annoying now, my parents, both of them do not want to get divorced, this is the choice they have both made so we have to accept that, in the future they may divorce each other, they may get back together, who knows? The point is at the moment they do not want to divorce, so we are trying to find a solution that suits them.

But the solution needs to cover all eventualities. Both parents need protecting.

DaisyDaisy82

Couldn't the house be transferred into your Dad's name and your mum take a charge over the house?

The mortgage deed could then be drawn up to suit the monthly payment agreement they have made between them

catfish50

stanleymog wrote: »

Yes and No, my mum inherited money from my Nan which my dad is aware of and so is the solicitor and they have both agreed (mum and dad) that my dad keeps his pension (not a vast amount) and my mum keeps the inheritance.

It just doesn't sound fair. She is giving up her share of the marital pension, and also agreeing to let him have the marital home in return for monthly payments even though you say yourself that he "can be a bit awkward" and "might change his mind."

It's all very well saying "It's what they want." It's not fair to your mother, and for that matter it's not fair to your grandmother, who probably didn't envision when she left the money to her daughter that it would be used as a justification for doing her out of her rightful share of the marital assets.

stanleymog

DaisyDaisy82 wrote: »

Couldn't the house be transferred into your Dad's name and your mum take a charge over the house?

The mortgage deed could then be drawn up to suit the monthly payment agreement they have made between them

Please could you explain this in more detail as I do not understand? The mortgage has already been paid and completed or am I getting this wrong?

It just doesn't sound fair. She is giving up her share of the marital pension, and also agreeing to let him have the marital home in return for monthly payments even though you say yourself that he "can be a bit awkward" and "might change his mind."

It's all very well saying "It's what they want." It's not fair to your mother, and for that matter it's not fair to your grandmother, who probably didn't envision when she left the money to her daughter that it would be used as a justification for doing her out of her rightful share of the marital assets.

I do not want to go into figures here (as some people may know my posting ID from other places) but the amount of money my mum inherited is a very large sum of money that my dad would be entitled to half off if they divorced, but he doesn't want it, he just wants to stay in the house and buy my mums share. My mum does not want to live there, she wants to move to a flat or somewhere on one level.

If anything, my mum is getting the better deal, for some reason and I do not know where I have wrote it, I am not siding up with my dad, I am more closer to my mum but with that said, we want to help them with what they are both happy with.

in return for monthly payments even though you say yourself that he "can be a bit awkward" and "might change his mind."

This is why they and we want a legal 'contract' drawn up to protect them both, if my dad decides not to pay, then my mum is covered and can force the sale of the house or similar and so that there is some record to show that my dad is making payments and 'x' amount of the house belongs to him.

DaisyDaisy82

The house would be in your Dad's name and your mum would in effect be 'the mortgage company'

So a loan to your Dad secured on the house.

Thats the simpliest way I can think to put it.

She would have right of repossession if he didn't keep to the mortgage agreement

stanleymog

DaisyDaisy82 wrote: »

The house would be in your Dad's name and your mum would in effect be 'the mortgage company'

So a loan to your Dad secured on the house.

Thats the simpliest way I can think to put it.

She would have right of repossession if he didn't keep to the mortgage agreement

Thank you for that, do you have any idea where we would be able to find out more information please?

catfish50

stanleymog wrote: »

I do not want to go into figures here (as some people may know my posting ID from other places) but the amount of money my mum inherited is a very large sum of money that my dad would be entitled to half off if they divorced, but he doesn't want it, he just wants to stay in the house and buy my mums share. My mum does not want to live there, she wants to move to a flat or somewhere on one level.

Thanks for the explanation. That puts it in a different light.

Good luck finding a satisfactory solution.

CLAPTON

In the end, without knowing the full facts it's impossible to say.

The information you are giving is full of contradictions.

Hopefully , the solicitor knows the full facts and it's worth considering in detail what he says.

AMILLIONDOLLARS

Why not just split the house into two flats? just borrow enough money to get the work done. It will be possible to have two separate entrances and it would be relatively easy to convert the house into two one/ two bedroom houses, with spending money on solitictors and renting another property this must be the cheapest and easier option,

AMD

Thinking even longer term. when both parents dies you and your sister could have a flat each. I think your mother should pay for the conversion as she is the one that wants to more out and she has more money than your dad. Its seem fair to me this way and in the long term she is investing in both you and your sister's futures.