Gifted deposit

feelrippedoff_2

I have a few questions that i need answering so lets hope someone can help!!

We bought a house from a relative for a fixed price with a gifted deposit. A few years later they bring up the gifted deposit and said we owed them it back. So my questions are....

1, As a gifted deposit are they intitled to ask for it back?

2, They say we signed a form to say we would repay the money (do you not think we would of remembered it and kept the paperwork) If this is untrue do we have to give them the money?

3, Is there anyway to prove it was a gift and if so how do you do it?

4, If we gave the money back and it was proved we didn't need to can we get the money back?

5, The relationship has broken down and communication is very restricted how can we solve this without feeling hate towards them?

6, Have we been taken for a ride and if so any ideas how we can get out of it?

At the moment i feel we are a bit of a cash cow. We did this because we thought it was a good deal and it's now ended up biting us in the bottom. If we had know this we would of never had taken the house. We could of bought a better property for less money and still had a good relationship. If anyone can help and give us some useful tips that would be amazeballs!!!

Thanks in advance!

kingstreet

Was there a mortgage involved in this transaction?

feelrippedoff_2

Yes a mortgage was involved.

opinions4u

feelrippedoff wrote: »

1, As a gifted deposit are they intitled to ask for it back?

If it's genuinely a gift, no. If you felt morally obliged to help them out in their time of need as they'd previously helped you out that's up to you.

2, They say we signed a form to say we would repay the money (do you not think we would of remembered it and kept the paperwork) If this is untrue do we have to give them the money?

If the paperwork exists, you owe them the money. If a verbal agreement exists you owe them the money, but good luck to them proving that.

3, Is there anyway to prove it was a gift and if so how do you do it?

Paperwork.

4, If we gave the money back and it was proved we didn't need to can we get the money back?

Draw up more paperwork!

5, The relationship has broken down and communication is very restricted how can we solve this without feeling hate towards them?

Google "mediation services".

6, Have we been taken for a ride and if so any ideas how we can get out of it?

No idea.

We could of bought a better property for less money and still had a good relationship.

Honest question, why would you take somebody's cash and buy an inferior house with it? I don't get this.

As for your dispute, I think you need to understand what's changed in the circumstances of those who gave you the cash in the first place. From a million miles away it looks like a gift, but they now have different financial needs and are seeking help from you in a rather crack handed way.

If I'm right then there's no legal obligation to repay them. But you live with the emotional consequences of not doing so.

kingstreet

If a mortgage was involved, your mortgage application and other documentation to/from your solicitor would confirm it as a gift.

Thrugelmir

feelrippedoff wrote: »

We bought a house from a relative for a fixed price with a gifted deposit. A few years later they bring up the gifted deposit and said we owed them it back. So my questions are....

A gift is what it says on the box.

Start by asking for a copy of the paperwork.

Do point out to the other party that they confirmed to your mortgage lender that it was a gift. In essence it's this piece of paper that holds water should the dispute become legal.