legal problem with property split

skyjacker1

Hi.
I gave my son 40k to buy a house with his girlfriend.They bought the house for 160k.they got a joint mortgage for 120k.She then spent roughly 12k inside the property.They made a legal aggreement of a 65-35 split if anything should go wrong,which it did.Now with the mathematics worked out she has come out of thiis very rosy.Can anybody offer any sensible advice

stebiz

skyjacker1 wrote: »

Hi.
I gave my son 40k to buy a house with his girlfriend.They bought the house for 160k.they got a joint mortgage for 120k.She then spent roughly 12k inside the property.They made a legal aggreement of a 65-35 split if anything should go wrong,which it did.Now with the mathematics worked out she has come out of thiis very rosy.Can anybody offer any sensible advice

Sorry if it isn't answering your question. But if I ever 'gave' money to my daughters/son it would be on the understanding I had a charge on the property for xyz in case anything like this ever did happen, and it does very frequently. Then they could split up and I'd do the same again.

meer53

What advice are you looking for ? If she has made money because of increased equity in the property, then why shouldn't she have what was written in the agreement ?

Are you annoyed because you feel she shouldn't have made more than she put in ? Your son agreed to the arrangement at the time, why are you involved ?

peachyprice

I don't quite understand what you are upset about.

Is the GF benefitting from available equity because the value has increased, presumably your son has too?

Did you expect her to walk away with nothing even though she spenk 12k on the house and has a 35% share?

Has your son 'lost' your £40k?

What exactly do you need 'sensible advice' about?

newbie1980

skyjacker1 wrote: »

Hi.
I gave my son 40k to buy a house with his girlfriend.They bought the house for 160k.they got a joint mortgage for 120k.She then spent roughly 12k inside the property.They made a legal aggreement of a 65-35 split if anything should go wrong,which it did.Now with the mathematics worked out she has come out of thiis very rosy.Can anybody offer any sensible advice

from what you have said it prob should have been a 70/30 split so not far away so why has your son lost out???

meer53

The OP isn't saying their son has lost out, just that the GF has come out of it "very rosy" !

Sour grapes or what ?

mountainofdebt

Would be interested to see the maths to see how the ex has come out rosey.

But in all honestly is sounds like a badly worded agreement is the cause of the cause of this