Should I ask my Dad for the inheritance I'm owed?

purpleweasel

ykhan16 wrote: »

I think its awful that some people are advising to get solicitors involved. Just discuss the situation with your parents- i'm sure there are more than a few solutions to this problem.

So many of these money moral dilemmas aren't about money but about relationships. Talk to your folks! Do they even know you are struggling to make up the deposit? They were prudent enough to invest in property and caring enough to want you to have a good return so i'm sure they would want you to talk things through with them

Tancred

No, why the hurry? Wait until the house is sold, you'll get more money back. Better to wait a year and get £10k than have £5k right now. Patience has its rewards. Your dad is only trying to help you, so chill out and wait.

Tancred

ykhan16 wrote: »

I think its awful that some people are advising to get solicitors involved. Just discuss the situation with your parents- i'm sure there are more than a few solutions to this problem.

And in the unlikely event that there arent- i doubt that £5k is worth becoming estranged to your parents.:eek:

Exactly. It's only £5k, not £5M! Some people need to get a life.

oldnewhand

You should have been consulted about this investment made on your behalf. I guess YOUR £5000 was only part of the price of the property, so presumably dad is trying to release your money although you feel he is asking over the odds. It depends on your relationship with him, do you feel this is a deliberate ploy to stall the sale he possibly feels he's being forced to make?
During the 10 years you've been a landlord have you received your share of the income generated by the house?
It really needed discussion in the past. What right did your father have to decide you would have the money when you were 25; if it was written in the will that's different. There must be a two way dialogue now and hopefully a fair outcome can be reached without having to waste money and relationships on legal action.
Your post makes you sound as though you have been dominated by your father; of course this may be just that you're treading an amical path and don't want to cause upsets; I'd be the same. Nevertheless there comes a time when you have to show your independence and ask for what is legally yours. If he is not able to pay you the money, he has to find a way of doing this. He could take out a loan, he could pay the mortgage on £5000 worth of the mortgage on your new home but NOT as a part owner or he could offer you the house to live in and you pay the proportionate part of that mortgage IF you were agreeable and I realise you have found a property you want.

Tufty14

1. £5K is not worth falling out with your parents over
2. No doubt your dad may have thought he was doing the right thing investing your money for you (although clearly you can see he wasn’t!). You may also have to accept some responsibility – after all, you agreed that your money should be invested this way
3. Ask you Dad if he can help you out with £5K another way. Perhaps he has some other savings you don’t know about? Can he change his own mortgage to free up your cash? Talk to him face-to-face and honestly. Above all, don’t accuse him of mis-managing your finances; what’s done is done and there’s no point now trying to turn the clock back. As you know, buying a house is stressful so accept that, for your Dad, selling it will be stressful also
4. Can your mum (or another relative help out)? You could ask them, but make it clear when and how you will repay the money (be realistic and stick to it!!). Don’t try to make them feel like you are bullying or pushing them and be clear that you appreciate the help. Take an extra part-time job if necessary, cut your spending or sell some of your lesser-used things etc. in order to pay them back quickly. If 5 relatives can all lend you £1k each then problem solved.

chris40

Suggest that he should buy you out at a reasonable discount to the price he wants to acheive by selling. 5% for cash now is fair and its actually only fifty quid.

spursliz

This is a strange question. You don't say how long your father has owned the property, or if it is in your name. Still surely he has been renting it out and therefore will have made a fair amount of money in rent. So £5,000 is a very small sum in the shape of things. It doesn't seem possible that he doesn't have £5,000 to give you but he's your father and should be happy to help you out when he has, after all, taken money that is yours.

dave2

Sure. You could ask you dad either to loan you the money, or that he could buy you out of your share of the property. Why not? This seems fairly obvious and in my family this would not be any kind of dilemma (though I doubt they have the cash to be able to do it) so I am wondering if there is something relevant missed out of the submission.

Of course, take some care with how you approach him about it.

Property is a reasonable long-term investment for him to have made for you (tempting to wonder what happened to the rental profits, but probably quite small and I'll bet you cost him an awful lot more!). At the time, it was not important to consider how readily the investment could be converted to cash. Now you are eligible, he seems to be intent on paying it over to you with a good return.

When you talk to him, express your recognition that he has acted in your best interests and the issue is that circumstances have become different to what he originally and quite reasonably envisioned. The result is that it is more important to you to have the principle sum now, and not the return.

Note that as he acted in your bests interests I do not think you are entitled to "demand" the money either morally or legally. He is only required to act reasonably.

(Incidentally, bear in mind that you might need cash to settle fees, initial furniture etc, in addition to the £5k deposit.)

tgroom57

spursliz wrote: »

This is a strange question. You don't say how long your father has owned the property, or if it is in your name. Still surely he has been renting it out and therefore will have made a fair amount of money in rent. So £5,000 is a very small sum in the shape of things. It doesn't seem possible that he doesn't have £5,000 to give you but he's your father and should be happy to help you out when he has, after all, taken money that is yours.

Agreed, some strange goings on.

You need to be careful what you say. Better to refer to it as 'your inheritance' than as 'the £5000', because as mentioned in several posts, its value will have increased, if not by as much as your father hoped. You are owed the original inheritance plus interest.

I don't care about the full £10k

You may feel this way now, but how will you feel if you have to wait another 10 years for any of the money? Will you so readily accept just the original £5k then? Watch what you say about the terms of your investment!

You need to open a dialogue with your parents about you buying a house, as well as the investment.

Your dad might be holding out to give you the full £10k - if this is the case an amicable solution would be to take £5k now and the rest later. Or pending that, £5k now and a share of the rent.

darren_lane

Yeah. Ask for it but don't demand it. Most Dads, if they could, would help out their kids.
Well done for getting on the property ladder at 26!