Naive mistake now I need help reclaiming £26k

ford4000plus1

I leant an ex £26k to help them purchase a home, which they now rent out why they live at home with acres to spare and a succesful business with two offices. Bad legal advice in the beginning and stupidity has left me with a charge of £26,000 that I am told I am unable to redeem until the sale is completed. I have made efforts to contact them directly because I am now being forced to sell my house. I have instructed a solicitor to claim against my original solicitors for negligence but this is taking too long. Please please please can anyone offer any advice.

DCFC79

ford4000plus1 wrote: »

I leant an ex £26k to help them purchase a home, which they now rent out why they live at home with acres to spare and a succesful business with two offices. Bad legal advice in the beginning and stupidity has left me with a charge of £26,000 that I am told I am unable to redeem until the sale is completed. I have made efforts to contact them directly because I am now being forced to sell my house. I have instructed a solicitor to claim against my original solicitors for negligence but this is taking too long. Please please please can anyone offer any advice.

Advice for what ?

Claiming the 26k back ?

Clive_Woody

ford4000plus1 wrote: »

I have instructed a solicitor to claim against my original solicitors for negligence but this is taking too long. Please please please can anyone offer any advice.

Perhaps another solicitor (a faster one) to claim against the one who is being too slow in claiming against the first one.

lynz68

I'm making a guess that what we are being told is not the whole story and to be honest sounds a bit like sour grapes as your ex on the surface anyway appears to have moved on and made a success while your life appears to have taken a downturn but anyway that is neither here nor there.

Was the legal advice you received about the loan ?

What was your EXs response when you approached them for the money?

Is the house for sale as you said it was rented out?

Is the house in negative equity?

Is the loan specifically attached to the house only or were they to repay it when in the financial position to do so?

Just because everything looks rosy in your ex partners life doesn't mean they can easily lay there hands on £26000 pounds they could have any amount of debt for all you know.

Good_Goose

After legal fees you will be left with an amount not exceeding 0.01p

ford4000plus1

Lynz86 if you can come back and say you have been played to the sum of£26,000 of your hard earned cash feel free to talk about sour grapes otherwise you know where you can shove them, that is a vile assumption, I'm a real person with a real problem this isn't Eastenders it's my life. £26,000 is a huge sum of money to me and i earnt it, i leant it in good faith, how dare you!!! If anyone else has anything helpful to contribute.....

At the time my ex's solicitor advised me loosely, which I understand is a conflict of interest anyway and i was never provided with any paperwork with terms of the loan. The loan is specifically attached to the property, its being rented out while my 26k was used to secure the property. My ex has not corresponded with me directly about it at all.

ch3101

So you have a charge on the property for 26k?

If that's the case then I wouldn't really see another way of getting it back. You could potentially start legal proceedings but the return will be significantly less than 26k, including fees etc.

Otherwise I'd say you have to learn from your mistake and wait it out.

Clive_Woody

If the property is rented could you not make a claim on the rental income for repayment of the debt that is secured on the property?

bigadaj

OP, you need to provide some more details.

It sounds as though the property was purchased and you contributed some money, but you are not on the deeds and there is no formal record of this transaction.

There are presumably bank records of the money being transferred to provide evidence of the transfer, however it would be difficult to prove that this was equity or a loan as your ex might claim it was a gift.

You need to speak to a solicitor, they will normally give you a free half hour to discuss your case. You can go down the legal route then but get he lawyers to detail likely costs and work to absolute limits, it will certainly cost thousands but may be substantially less than the money you've lost, the problem might be that they probably won't proceed ona no win no fee basis and will expect interim payments so you'll need significant liquid sums to proceed.

_Andy_

"feel free to talk about sour grapes otherwise you know where you can shove them"

Charming!

ford4000plus1

It is a registered charge against the propertybut with no clause for recovery or interest and will only be paid back on“alienation of the property” i.e. he dies or sells it. I have this year added a restriction with thesolicitors, so that he cannot sell without my authority, then I can stop the sale legally until theselling price reaches a satisfactory level to pay me back but that could be well . . . . . . . how long is a piece of string