Gifted money towards mortgage

synapse321

Just to add as an update my mum and brother
have been to another solicitor behind my back to draw up a draft document entitled "Deed of conditional Gift".

Having read it and not being legally trained there is a clause in it stating "the sum paid by the donor (mum and brother) shall be due and repayable to the donors in full on the separation/divorce of the donees (me and my wife) and on demand.

It the last bit of this sentence that again rings alarm bells that they can ask for it at anytime IE on demand.

Mojisola

synapse321 wrote: »

Just to add as an update my mum and brother
have been to another solicitor behind my back to draw up a draft document entitled "Deed of conditional Gift".

Having read it and not being legally trained there is a clause in it stating "the sum paid by the donor (mum and brother) shall be due and repayable to the donors in full on the separation/divorce of the donees (me and my wife) and on demand.

It the last bit of this sentence that again rings alarm bells that they can ask for it at anytime IE on demand.

Don't get involved. It will end up badly.

chanz4

you fall out money please

synapse321

To draw a line under all this would I be better asking the solicitor who is doing the conveyancing for us what she makes of this new document rather than going to a third party solicitor?

Regards

Yorkie1

If you show that document to your solicitor you run the risk of it undermining your present mortgage application because it shows that the original 'gift' letter is no longer valid. The solicitor will have to report this to the lender, with risk to your mortgage.


To be honest, if they are treating you this way then it doesn't bode well for your future peace of mind if, at any disagreement, they can threaten to - or actually - request the money back. You don't want to be walking on eggshells. Do you really have to buy this property?

synapse321

Thanks Yorkie 1

As it is affecting my health I would rather we rented. Renting is around £400 - £600. More than a mortgage with nothing inclusive.

My wife was all for renting before my son was born and I wasn't then hanging onto some inheritance I might have got. But now the tables have turned and I want to rent and she doesn't.

To be quite honest the relationship between me and my mum and siblings is toxic, bordering on them having little remorse or love a bit like psychopathic people.

Regards

hcb42

Walk away is the best advice, the whole thing seems bizarre

enthusiasticsaver

I would walk away too. A gift with strings is no gift at all if it is not willingly given. Why are they so concerned that you and your wife will divorce? Do they not get on? We gave a gift to both our daughters to help them buy houses and one of them got married this year but it never even crossed our mind to ask for an interest in the house in case they divorce.


We gave the gift straight into their bank accounts before they had their mortgage interview and then did letters to the banks, one Halifax and the other Yorkshire bank to say we would not be taking any interest in the properties of either my eldest daughter or our younger daughter and her husband and would not be seeking for repayment at any time.


If your relationship is toxic then it is not a good idea for these people to have any sort of power or control over you and your family. I can understand you feeling hurt and aggrieved though that your mother helped your brothers presumably with no strings attached?

synapse321

I spoke to an adviser at the Bank.

They stated in the event of a divorce the bank will always have the first charge to the money left after the property is sold and the judge will decide where the rest of the money goes to and taking into the account any deed of trust is signed and other parties involved. The Bank at some stage will become aware of any legal docs signed such as mentioned so honesty is the best policy with the bank.

This to my mind seems very complex.

Mojisola

synapse321 wrote: »

To be quite honest the relationship between me and my mum and siblings is toxic, bordering on them having little remorse or love a bit like psychopathic people.

synapse321 wrote: »

This to my mind seems very complex.

The answer is very simple - don't get into any financial agreements with these people.