Gifted Money

pjwfc

Hi all hope this comes out right, I gifted £8000 to my son and girlfriend for a deposit for a flat now they are splitting up after 6 months, and he does not want to live there now, she done the dirty on him.
She's in the flat with my money sitting in there, they can't sell the flat until 5 years otherwise they'll have to pay the company back 20% extra for selling.
How can i get my money back is what I'm trying to ask?

hazyjo

pjwfc wrote: »

Hi all hope this comes out right, I gifted £8000 to my son and girlfriend for a deposit for a flat now they are splitting up after 6 months, and he does not want to live there now, she done the dirty on him.
She's in the flat with my money sitting in there, they can't sell the flat until 5 years otherwise they'll have to pay the company back 20% extra for selling.
How can i get my money back is what I'm trying to ask?

You can't - it was a gift and is no longer 'your money'! If it was a loan, that's different, and should have been declared.

Your son should not walk away. He's still liable for the mortgage and other things. I presume her new bloke isn't planning on trying to take over the mortgage, and I presume she can't afford the mortgage on her own.

Sell (and cut losses), or rent it out (if possible) - although they really don't still want to be tied to a property together in five years' time!

Jx

Angelicdevil

Kick her out, get a lodger to pay her part of the mortgage?

monty-doggy

You can't get the money back, once it's gifted you have no legal claim to it. If she stays there she will continue to pay the mortgage I presume (they are both responsible however if she is living there she should pay it) and they could get an agreement via a solicitor or court to either sell after five years and split the proceeds or she and her new partner could take over the mortgage and pay your son his 50% equity?
I know it's crap but my OH has been tied not a mortgage with his ex for 6 years now. We have agreed as long as she keeps up the payments they will split it 50/50 when it's eventually sold. Think of it as her building up his nest egg for him.

kingstreet

Tenancy in common, or joint tenants?

Deed of trust to set out share-out in the event of them splitting up?

ognum

You gifted the money, you can't ask for a gift back. You son could make an arrangement with his ex if she is prepared to pay him off, if not your son will have to wait until the flat is sold.

This will remain your sons money. How did you pay the money over, was it into a bank account for your son or both of them. If it was given to both of them then that's who it belongs too.

GenD

If they had stayed together instead of splitting up, was there any expectation that they would pay you back the £8000?

If so, it was a loan not a gift - but unless you got a proper loan agreement in writing from both of them I doubt you'd be able to claim anything if they refused to pay you back.

If the original arrangement was that they could just keep the money as a gift, then neither of them actually owe you anything.

If the gift was solely to your son, HE might have some claim to try and get his half back from his cheating girlfriend, but a lot depends on what basis they took out the mortgage on, i.e. whether they were 'joint tenants' or 'tenants in common', as mentioned above. Assuming the mortgage was in joint names, that is.

Either way, best case scenario is: flat sells, girl moves out, returning her half of money to your son, who repays you, voluntarily.
Worst case scenario: she stays put and neither of them pay you anything, in which case there is nothing you can do - if she's paying the mortgage, she owns the property and has the right to live there.