Deposit help!!

kimmy_money

Hi everyone,

We have recently had an offer accepted on our first house, everything is ready to be go and we are now at the stage of completing all paperwork, choosing solicitors etc.

My question is regarding the deposit. We have a 10% deposit for a £190,000 house. The trouble is, £17,500 of it I am due to receive as inheritance from my Grandmother. The term was that I was to receive it on my 25th birthday, I am 25 now.

I spoke with the financial adviser who looks after the trust bond the money is in, and he says I will have to pay a fee to release it early due to them not setting up the bond until May, that is fine I accept that.

The problem I have is that the money apparently needs to be signed off by the trustees. One of which is my Dad and so that is fine. The other is a lady whom I have only met a handful of times and is quite bitter about the money I received as her children did not get as much. She has been creating problems with my disabled aunty having access to her money.

The question I am asking is, if she refuses to sign the form to allow me to release the money, where do I stand? Am I going to lose my house if I don't get the £17,500 that is entitled to me in time for when I need to hand it over.

Any advice would be greatly appreciated. I am terrified of the sale not being able to go ahead due to no fault of my own. I understand she has a duty to look after my best interest, just not sure where to go from here. We are currently just awaiting her response from when the form was sent to her.

Thank you everyone, I hope you can help a very worried woman :rotfl:

captain747

Sounds worrying to me. More concerning is that you've banked on receiving this money when there are in fact obstacles and therefore major potential delays...

Personally I think you have been a bit premature in going ahead with this, without having the deposit money safety in the bank..

The only option I can think of is to borrow from close family/friends...

Good luck.

Rambosmum

if you can't borrow the money off family friends you need to consider this house purchase as not happening, in case you can't release the money.

You need to try and release the money asap and not out an offer on another house until you have it.

If the lady won't release it your only option is to wait until May when it will automatically release.

kimmy_money

I only 'banked' on the money because I have known for 8 years that the money was due on my 25th birthday, I never knew that it was out in a bond until the May after until I rang up about releasing it!

If the lady refuses to sign, which hopefully she wouldn't, is there not a document I can produce to show that the money is there for them to have, or for me to sign over to them?

It just seems so unfair that someone not signing a piece of paper to release what I am allowed would be the reason for my house falling through.

Thrugelmir

kimmy_money wrote: »

It just seems so unfair that someone not signing a piece of paper to release what I am allowed would be the reason for my house falling through.

This matter should have been resolved before you started the process. Being unfair makes no difference to the predicament you've created for yourself.

kimmy_money

As I did explain, I wasn't aware that the bond wasn't going to be released until May. The will said that I was to receive the money on my 25th birthday. I have only just found out that the trustee needs to sign for the money to be released.

But thank you for your input that I have created this predicament for myself, your comments are really helpful.

stator

The most important thing is to not exchange contracts until you actually have the cash. If you did this it would mean potentially serious financial issues if the completion date is missed.

Sorry but I don't know about the trust fund issue, you might want to seek professional advice about that. Since you have a right to it you should be able to get it but as you have pointed out it might be delayed.

Rambosmum

Yes it's unfair but you need to stop with the purchase of your property until it is resolved, otherwise you are passing the unfairness on to the vendor.

There may well be some way round it, but I suspect that it will take a couple of months to sort out, by which time you may as well have waited.

Have you actually asked the lady involved, or asked the trust managers to ask her?

captain747

I agree with the above two chaps..good advice..

ognum

kimmy_money wrote: »

Hi everyone,

We have recently had an offer accepted on our first house, everything is ready to be go and we are now at the stage of completing all paperwork, choosing solicitors etc.

My question is regarding the deposit. We have a 10% deposit for a £190,000 house. The trouble is, £17,500 of it I am due to receive as inheritance from my Grandmother. The term was that I was to receive it on my 25th birthday, I am 25 now.

I spoke with the financial adviser who looks after the trust bond the money is in, and he says I will have to pay a fee to release it early due to them not setting up the bond until May, that is fine I accept that.

The problem I have is that the money apparently needs to be signed off by the trustees. One of which is my Dad and so that is fine. The other is a lady whom I have only met a handful of times and is quite bitter about the money I received as her children did not get as much. She has been creating problems with my disabled aunty having access to her money.

The question I am asking is, if she refuses to sign the form to allow me to release the money, where do I stand? Am I going to lose my house if I don't get the £17,500 that is entitled to me in time for when I need to hand it over.

Any advice would be greatly appreciated. I am terrified of the sale not being able to go ahead due to no fault of my own. I understand she has a duty to look after my best interest, just not sure where to go from here. We are currently just awaiting her response from when the form was sent to her.

Thank you everyone, I hope you can help a very worried woman :rotfl:

Kimmy, sorry to hear of your predicament. I believe the best thing you can do is have a talk with the trustees. If someone just receives a form with no initial understanding it can often cause resentment.

I would suggest you phone her and ask her out for lunch or coffee. Sit down and have a talk about what you intend to do with your legacy. Take pictures of the house you plan to buy and get her involved.

The other posters are correct though I am sure it is not easy to hear. Really it would have been wise to have the money in your bank before offering on a house but you didn't and now you need to make the most of the situation you have.

In my opinion it's better to be honest from the start, will this mean you lose the house, well it might, but honestly is always the best way forward for your own psychie as well as for the people selling who may want to complete the sale before May.

Good luck, be honest and talk!

Mattygroves2

Agree that you need to speak to the Trustee and see exactly how awkward they are going to be. Another option would be to get your Dad to speak to his fellow Trustee.

The worst case scenario is that you have to take the Trustees (ie your Dad as well as the other one) to court to enforce the terms of the Trust. Strictly speaking you should have got the cheque on your 25th birthday - they were daft to tie the money up as it leaves both of them open to challenge.

Unless you've already got your mortgage sorted out I suspect you could actually wait until May to have the money as the house buying process takes quite a bit of time. If you haven't even sorted out solicitors yet you've got a long way to go.