Dilemma after buying my parents house during their bankruptcy process...

Dutchmandy

Hi there, I am facing a bit of a dilemma, and am truly hoping that someone can shed some light on the situation in regards to what steps I should take? Some years ago I bought my parents house ( in the Netherlands) as they were facing bankruptcy, and this was the best way possible at the time to ensure that they would keep their house! However, the house was mine in name only as they organized rent payments, and paying rates etc. Now the situation has completely changed, I moved to New Zealand, got married, had kids and my parents eventually moved out to New Zealand too, yet the house in Holland is still in my name and is currently rented out. There have been major issues though, with tenants not paying and leaving the house in a state. My big concern now is for the future. What happens when my parents pass away, the mortgage is still in my name, so the bank will eventually come knocking on my door. I still have a bank account over there in my name too which I am not happy about as preferably I would have like to have made a clean break, and no ties to Holland as New Zealand is my home country now. I worry about a backlash when my parents are no longer there and did try to talk about it with them but my father doesn't seem to understand my struggle with this. Am I being pedantic? If not, what can be done, does anyone have any ideas about this? I would be truly grateful as I am a bit stuck and not feeling relaxed about the situation. Thanks, Mandy.

welshmoneylover

Dutchmandy wrote: »

Hi there, I am facing a bit of a dilemma, and am truly hoping that someone can shed some light on the situation in regards to what steps I should take? Some years ago I bought my parents house ( in the Netherlands) as they were facing bankruptcy, and this was the best way possible at the time to ensure that they would keep their house! However, the house was mine in name only as they organized rent payments, and paying rates etc. Now the situation has completely changed, I moved to New Zealand, got married, had kids and my parents eventually moved out to New Zealand too, yet the house in Holland is still in my name and is currently rented out. There have been major issues though, with tenants not paying and leaving the house in a state. My big concern now is for the future. What happens when my parents pass away, the mortgage is still in my name, so the bank will eventually come knocking on my door. I still have a bank account over there in my name too which I am not happy about as preferably I would have like to have made a clean break, and no ties to Holland as New Zealand is my home country now. I worry about a backlash when my parents are no longer there and did try to talk about it with them but my father doesn't seem to understand my struggle with this. Am I being pedantic? If not, what can be done, does anyone have any ideas about this? I would be truly grateful as I am a bit stuck and not feeling relaxed about the situation. Thanks, Mandy.

Can't you sell the house?

LJM

could you not just sit and talk about it all together if you are all living in new zealand now isnt it time you all made the clean break and sell the house,less hassle and stress for all

Jinx

Its not actually your house in name only - it is your house! So therefore you have to make the decisions to suit yourself and your family... If your parents have lost interest then sell it; settle the mortgage and close your bank account.

You are too far away to look after this property in my opinion. I'd make life easy for myself in your position.

McKneff

Got to agree with everyone else. Sell it, clean break, no hassles forever.

Looby_Lou

You need to check the rules regarding renting. Do you have a tenant in the house at the moment? My friend is stuck with her house as it is rented out, and because she didn't understand the rules she can't now sell it until the tenant decides to move out.

Dutchmandy

Hi, thanks for all your replies. Yes, Looby_Lou, we are facing the same problem. It's rented out and can't sell until the tenant moves. Also my parents did try to sell my house for a long time before they moved out to New Zealand but as they didn't want to end up paying two mortgages ,they then decided to get a tenant. Catch 22 situation as this is understandable from their point of view. My father doesn't see the problem as he said that when they both pass away, I will then continue to receive rent money (which covers the mortage with ease). But he doesn't understand it's not about money for me, it's about wanting to tidy up everything neat and proper so I have no more ties to HOlland. Also bringing up the subject seems to be quite a sensitive issue with my parents!!

BitterAndTwisted

I don't see why it should be a sensitive subject with your parents: they don't own the damned house and they don't live in it either. I believe that tenants have a great deal more security of tenure on the continent than tenants do here in the UK so it may be some time before you can regain possession and sell it. I think you should look into the legalities now and not even discuss it with your parents. They gave up any right to an opinion when they sold it to you.