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

florere

Ouch, legally you could not consent to them using your money to invest in property when you were fifteen, you could demand it back and it would be your parents responsibility to find the money now. however they will always be your mum and dad If this is a buy to rent property they should have a contingency fund for emergencies, is there enough in there for your mortgage?

Talent

Ask. No harm in asking. Ask what's happened to all the rent from the property (I assume it's been rented all this time). Paying off a mortgage? £10k wouldn't have bought much of a property 10 years ago. Maybe the high asking price is to cover negative equity? All seems a bit tricky to me. Good luck!

kimnpat

Why not bring the topic up and put it in a way where you could be seen as trying to help with the whole situation? If you really are not bothered about getting £10,000 back, you could say to your dad that, because of the current economic climate, he can reduce the price of the house by £5000 to try and get a faster sale.

This also brings the subject of your inheritance up for discussion. Basically, if it sells, you get your cut and everybody is happy - he may even agree to split the £5000 reduction as a thankyou. :j

If it does not sell, it gives you the opportunity to say something along the lines "Damn. I thought it would have sold by now with us reducing the price. I really wanted to use the money towards a deposit on another house I've seen for me, but if it doesn't hurry up I'll lose out."

Faced with this, he will work out that this is why you suggested the price cut and more than likely do something about it. :T

If you was my daughter and I couldn't afford to give you the money, I would look at the £5000 concession and take out a loan. If I then sold the house for the inflated price, you would get the difference.

e.g. £5000 loan + £2000 interest = £3000 surplus to be paid back to you after the sale. But that's just me.:)

tallgirld

Yes just ask him for it. It sounds as if he is trying to sort it out anyway.

Good luck.

Queen_of_clean

I would definitely ask for the money and explain that I need it to buy my first house. Hopefully your Dad will be able to raise the money soon. It isn't worth falling out over though and I definitely wouldn't consider taking my father to Court over money. It really wouldn't be worth destroying your relationship for a mere £5000.

Savingandstillskint

17 yrs ago my brother and I were left a property in trust to us until the age 25 - I will be 30 this year!
My brother had £90,000 6 or more years ago from the sale of some land attached to the property. The property itself remains empty and not on the market. I am told that at the time that the land was sold - an error was made and tax was not paid. I am told that before I receive any money it must be calculated how much tax is outstanding; then I must wait for an accountant to calculate the difference between £90,000 of 6 years ago and £90,000 today to ensure money is distributed equally between my brother and I.My dad is the trustee and executor, and has told me that if he wanted he could sell the property and buy somewhere in the town where I live that my partner and I can rent from him. Can he do this? Can I request that the property is sold?
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LOUY_2

So upon the sale of the property, your 5k investment will be worth 10k due to increase in the value of the property over that time ?

What about your share of the rental income that property generated over the past 10 years ?

UsernameAlreadyExists

Stating the obvious: £5K 10 years ago is worth far more now.

cuba2008

Quite a few of those commenting have assumed that the money was to be held in trust. Having read the original post, I'm not so sure it was. It was only £5,000 and therefore quite possible it was the OP's to spend. If it was to be held in trust, then her father definitely broke I don't know how many rules which govern what can and can not be done with a minor's money. I read it that, when the OP inherited the money, her parents simply told her they were investing it for her (in a property they were purchasing, presumably as a buy to let). She was 15 at the time and therefore too young to enter into any kind of contract. They should have simply put the money in the Bank for her to decide what she wanted to do with it. As it is, they used her money, with some vague promise of "doubling" her money within 10 years. Either way, she now needs the money to buy a home of her own. She shouldn't have to wait until her dad manages to sell the property he has (one would assume) been earning an income from for the past few years. I'd say he should take out a loan to repay her the original £5,000 plus whatever interest she would have made if the money had been put into a normal savings account. If her father thinks that, by waiting around, he can get money for the house than at present - well, that's his perogative. But in no way should the OP have to wait. She does need to talk to him though. However, I would suggest she should be insisting that he arranges to release her money, rather than "asking". After all, he has (to all intents and purposes) illegally had use of her money for years.

Mojisola

darren_lane wrote: »

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!

Most Dads wouldn't have taken their teenager's inheritance and used it for their own purposes.