Need help... inlaws claim on property

Bradfrankshaw

Hi there - I married my wife in 1996 who is from an Asian family. The relationship, marriage and child was a surprise so we had a bit of a rough time.

In 2000 we went to buy our first home. With not a lot of money, getting a deposit together was tough.

Then the inlaws dropped the clanger. They offered £30,000 deposit on a £109,000 house. Thank you!
Except there was a caveat. If I ever leave my wife, they get the house. And then they give it to her. The soliciators said Do not go for this deal, it is the worst offer we have ever seen.
But where else would I get 30k? And yeah right a divorce? Never.

Well never say never. Things are pretty bad right now for several reasons. Divorce is probable. No idea what to do. I checked the deeds and they are in our name. What can happen or what can I do?

Thanks

ACG

What paperwork is in place?
Did they sign a gifted deposit letter for the lender?

Bradfrankshaw

Hi - as stupid as it sounds - I know nothing about it; it was a circumstance I never thought would happen. I just know what the soliciator said - I cant even remember the soliciator. Any ideas how to work my way backwards? My wife took control of the money which was easier for me but unfortunately she screwed up the finances made some very bad decisions. Leaving me in debt.

PasturesNew

I'm guessing the house is now worth, say, £300k .... and you'd like "your share" out of it.

At worst, you can look at what you've paid as being "cheaper than rent".

If you can come out of this with something, then the question would be whether the parents are owed £30k, or 1/3rd.

Nobody can tell you .... as any documentation will be unique to you and your transaction, so you DO need to get a copy of that.

On the "downside" - there's a child involved.

It might be that you just need to walk from this due to what you signed and as there's a child involved.... and just shrug and think "oh well, it was cheaper than renting".

ACG

Call the Mortgage lender and ask who did the conveyancing?
Then ask the solicitors for a copy of your file - you may need to pay £10 for it and it may take a month.

You need to find what documents are on file with regards to the deposit.

You could possibly argue that if there is a contract, it was an unfair contract, but you need legal advice really once you have the documents from the solicitors.