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Sold Property but was my dads money.
rocker1_2
Posts: 16 Forumite
Hi there all,
I need advice on how to deal with this situation. (not sure if it a situation or not)
Basically I was at university 3 years ago and my dad said he will buy a house for me to stay. I would help with bills and pay some rent. He got a loan for 90k as the house was 90k. We got the house but the house was under mine and my sister’s name.
We have sold the house now but the money will be coming into my account 100k. And obviously I have to give it back to him but will there be any problems/charges/fees/Questions? When transferring the money across to him.
(i am working now, if that effects anything)
Thanks peeps
I need advice on how to deal with this situation. (not sure if it a situation or not)
Basically I was at university 3 years ago and my dad said he will buy a house for me to stay. I would help with bills and pay some rent. He got a loan for 90k as the house was 90k. We got the house but the house was under mine and my sister’s name.
We have sold the house now but the money will be coming into my account 100k. And obviously I have to give it back to him but will there be any problems/charges/fees/Questions? When transferring the money across to him.
(i am working now, if that effects anything)
Thanks peeps
0
Comments
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What sort of loan did he get? Presumably not secured on the house as it hasn't been paid off on disposal and the house wasn't in his name?0
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He has got a off set mortgage. he does not have to pay back the money for another 7 years. i think it is secured on to the current house we live in.
no the house was on mine and my sisters name, but the house we all live in currently is under his name (bought about 25 years ago).0 -
How did your father manage to secure a loan (mortgage?) for the property, but not appear on the deeds? The solicitor acting for the lender would surely have spotted this?"You were only supposed to blow the bl**dy doors off!!"0
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also the total amount of mortgage he has is around 120, so it was 20 and 3 years ago he got another 100.0
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He remortgaged his existing homemaninthestreet wrote: »How did your father manage to secure a loan (mortgage?) for the property, but not appear on the deeds? The solicitor acting for the lender would surely have spotted this?0 -
TBH if no questions were asked when you bought I don't see there being any difficulty now you've sold. Just transfer the money back to your father.0
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sorry im not too sure about all the details but if you have any questions then i can get them answered tonight when i see him. but from the info i got, will there be any problems (or is there more to this then i can see.)0
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As I understand it, the father took out the mortgage on the family home and used the money to buy the second property which was put into the siblings' names.
rocker - you say you are working. Is your sister also working? If either of you are claiming any means tested benefits, you can't just hand the money back to your father and carry on claiming.
You have sold a house in your names and now have 50k capital each.0 -
Mojisola you are correct. yes my sister is working as well. no benefit are being claimed.
all the money will come into my account as we thought it would be a simple transfer from my account to my dads.
"You have sold a house in your names and now have 50k capital each."
This is true but its all in my account...0 -
Mojisola you are correct. yes my sister is working as well. no benefit are being claimed.
all the money will come into my account as we thought it would be a simple transfer from my account to my dads.
"You have sold a house in your names and now have 50k capital each."
This is true but its all in my account...
And I think it will be.0
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