Advice on eviction

RAS

Rocky99 wrote: »

RAS- just the usual conveyancing lawyer, we only met him on the day of completion

Some lack of precision here.

Who contacted the conveyancing lawyer? Who contracted them. Did the same lawyer act for you and your parents?

Rocky99

Funnily enough negotiator I fail to see this as a solely financial situation. This was done out of love for my parents, prior to the suicide attempt we were about to get a mortgage for our own house, so go on all you like about our gain, there's is NO gain weve lost out on all fronts.

Rocky99

RAS- no different lawyers, we were recommended by a friend to use a mortgage broker who was further up the country, the broker recommended the conveyancer and told us we d get it slightly cheaper using them, so that's what we did. My parents had a local solicitor.

The_Negotiator

Rocky99 wrote: »

Funnily enough negotiator I fail to see this as a solely financial situation. This was done out of love for my parents, prior to the suicide attempt we were about to get a mortgage for our own house, so go on all you like about our gain, there's is NO gain weve lost out on all fronts.

This isn't how it is as a business transaction. As a comparison, this is like buying a cake, eating half of it and then taking it back and saying you changed your mind and you want a refund.

poppysarah

The_Negotiator wrote: »

This isn't how it is as a business transaction. As a comparison, this is like buying a cake, eating half of it and then taking it back and saying you changed your mind and you want a refund.

If you ate half a cake and it made your kids sick, wouldn't you do what you could to make them well?

The_Negotiator

poppysarah wrote: »

If you ate half a cake and it made your kids sick, wouldn't you do what you could to make them well?

The cake hasn't made the children sick - the inability to pay for the cake has done that.

Rocky99

Thank you poppy Sarah

Kayalana99

Rocky99 wrote: »

Funnily enough negotiator I fail to see this as a solely financial situation. This was done out of love for my parents, prior to the suicide attempt we were about to get a mortgage for our own house, so go on all you like about our gain, there's is NO gain weve lost out on all fronts.

Hiya Rocky, I havn't read all these posts but keep your chin up - this fourm is full of people sitting behind a computer causing trouble.

I find you get so overwhelmed trying to proof the haters wrong - that the people trying to help get over looked.

Ignore them, and they have no fuel to reply - just focus on the lovely people helping, end day what does it really matter what a bunch of random people think.

Wish you luck and I hope things work out for you.

silvercar

The bit you are missing is that Rocky99 only did this because it was her parents. Set it out in black and white is helpful, but remember she only did this to help parents out of a sticky hole, she wouldn't have done it for any other random couple of similar age and finances.

The_Negotiator wrote: »

I probably share more of a mindset with your parents than I do with you. The facts are:

• They sold their house to their daughter for £100,000 despite a valuation of £250,000. At their choice and encouragement and agreement.
• As part of the sale they get to live in the house for life, rent free.Giving them financial security.
• You get a cash lump sum from the purchase of £50,000.
• After five years you no longer like the above because you can't afford the debt you have taken on for the deal.It isn't dislike it is can't afford - not sustainable.
• You want to cancel the above agreement without appropriately compensating your parents for not completing the contract.No money to compensate.

Whether the above is fair or not is not particularly relevant - you at the time took a £150,000 gift in effect (enough to cover 15+ years of the mortgage before you are losing) and now want to escape the deal for a significantly lower sum. I wouldn't have taken the deal - your parents could live into their 90s and you would lose out - but you knew this risk at the time of the purchase.Hindsight being a wonderful thing. You need a good lawyer to deal with the above and hope that some part of property law trumps contract law in this instance.

It isn't a choice to escape the deal it is a necessity. There now isn't enough money between OP and her parents to continue funding this lifestyle. If there was money to afford it, this situation wouldn't have occurred. Plenty people take on mortgages for 25 years and then have to make an adjustment, OP now needs to do this but the problem is that her parents are involved and are not seeing this.

I still think the parents didn't think of the deal as giving 100k away but as a way of getting their hands on lots of money at a time they wanted to spend and as a bonus not having future rent commitments.

But really the reasons why anyone signed up to this are irrelevant, the situation is how it is and a way forward needs to be found.

It is a shame that there isn't another family member who could negotiate a solution.

RAS

Properties

1. Rented by yourselves for family (2+3).
2. Owned by yourselves, too "small" rented out, in negative equity and not earning enough to cover the mortgage?

Exactly how big is small? interst only or repayment mortgage? Buy to let or residential?

3. Ex-parent's house owned by yourselves, mortgaged jointly with OH. No income at all to cover £700 mortgage? Gift granted to cover deposit and lifetime rent granted later. 3 bedroom


You need to speak to either National Debtline or Stepchange. You have a complex debt situation and need specialist herlp.