Parental loan NIGHTMARE! Please help!

DiveDiva

Right, to cut a long and boring story short, my husband's parents lent him 35,000 GBP as a deposit on his house. This was documented as a loan with the solicitors but done on the understanding it would only need to be paid back if the property was sold and we didn't buy another (as in they wanted stay invested in property).

What I want to know is, what happens if they change their minds. Can they force immediate replayment and if so how do we challenge that?

Thanks.

[Deleted User]

It depends exactly what was put down in the loan documentation.

DiveDiva

I'm not sure it said anything more than that. Is was more to enable them to put a legal charge on the property. I will dig it out and have a look!

skintandscared_2

Did they actually PUT a legal charge on the property though?

How long ago did you buy the property, and would there now be enough equity for you to re-mortgage and pay them back without having to sell?

DiveDiva

Yes they did put a legal charge. We only bought it a year ago and would never have enough equity to pay them back.

Niv

DiveDiva wrote: »

Yes they did put a legal charge. We only bought it a year ago and would never have enough equity to pay them back.

So you have an interest only mortgage then?

Conrad

I think they can enforce the loan but if you really wanted to play hard ball it would be a long winded process for them. Surely though life and love is more important than greed and such like. Why thier change of heart - what would a thread on here written by them say? Be honest.