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Selling House but Father in Law has a Trust Deed
nealy1968
Posts: 1 Newbie
Hello there,
Mine is an odd but probably not an all too unfamiliar issue. Will try to keep it brief.
My father-in-law sold his house to us at a third of the price as he was in need of cash to live on as his state pension and company pension wasn't sufficient. One of the major conditions was that he placed in trust that he could live with us until his death (he is 79).
The problem is that his daughter and myself are about to go our separate ways and would like to sell the house. We need his authority based on the trust but what the conditions state was if we wanted to sell and move to another property as family or buy out the other we had to get his blessing or authority. What was not stated was the scenario should his daughter and I separate/divorce. He mentioned that he did not think that scenario would happen.
How do I stand legally if at all? He was asking for an equal third, and the conditions state that he had to be satisfied with the the financial arrangements the sale.. Confused!!!:(
Mine is an odd but probably not an all too unfamiliar issue. Will try to keep it brief.
My father-in-law sold his house to us at a third of the price as he was in need of cash to live on as his state pension and company pension wasn't sufficient. One of the major conditions was that he placed in trust that he could live with us until his death (he is 79).
The problem is that his daughter and myself are about to go our separate ways and would like to sell the house. We need his authority based on the trust but what the conditions state was if we wanted to sell and move to another property as family or buy out the other we had to get his blessing or authority. What was not stated was the scenario should his daughter and I separate/divorce. He mentioned that he did not think that scenario would happen.
How do I stand legally if at all? He was asking for an equal third, and the conditions state that he had to be satisfied with the the financial arrangements the sale.. Confused!!!:(
0
Comments
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You need to go to a solicitor. We can't see the documents, you really need accurate legal divorce and trust advice. If you and his daughter have children, that will make the situation even more complicated.
Maybe his daughter could get a loan/mortgage to buy you out so they both can remain there. Its a shame your father in law might lose his house. He's not done anything to cause the divorce, presumably.0 -
You are going to need specialist legal advice.0
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