A loan from the ex in laws

Herzlos

You're not allowed to use a loan as a deposit on a flat, so did they have to sign something claiming it was a gift?

Also, are you being asked for the money back between you and are thus on the hook for half of it each?

Samdapanx

Lover_of_Lycra said:

Samdapanx said:

Interest rate is 4% above the national base rate of barclays. They've given us until September to pay it. They want 22k, if not paid by then, they are taking us to court for the full amount of intrest

What interest rate is quoted on the loan agreement that you never signed?  Is there any paperwork for the 18k that followed?  Did the outlaws ever sign anything for the mortgage lender declaring the money was a gift and not a loan?

Not that I was aware of, I think they paid it directly to us and we paid it, I'm really not sure, I hardly had anything to do with it really! Stupid now I know.
Noa further paperwork at all

Samdapanx

Herzlos said:

You're not allowed to use a loan as a deposit on a flat, so did they have to sign something claiming it was a gift?

Also, are you being asked for the money back between you and are thus on the hook for half of it each?

Yes they want us to pay half each

Socajam

I think you should do the honourable thing and repay your half of the money.
There was an unsigned agreement for the first loan as you rightly stated, with which the property would not have been bought.
When the division of property is drawn up with your solicitor, make sure that your in-laws money is included, give it to them and move on with a fresh start in your new life.

bris

You have a letter stating the terms, this doesn't need to be signed to be legally binding so don't think for one minute a signature really matters here.

The fact the letter exists and you got the money is proof enough, the amount is what they can prove they gave you.

Bottom line is when you sell the house you settle the outstanding monies due, to both the lender and the in laws.

es5595

Be very careful acknowledging it as a loan in any correspondence. 

As you suggest, your ex wants you to sell the house. I imagine that’s so he doesn’t have to pay to keep a roof over his children’s head, which he will most likely have to do until they’re 18. 

I would not enter into any discussion with them, perhaps beyond specifically saying “Ex told me that was a gift from you to us, you’ll need to discuss with him if you now want it returned, as a single mother to your three grandchildren, I’m in no position to do that for the foreseeable future”. 

If you haven’t spoken to a solicitor yet, I’d so so ASAP!

macman

The letter is not relevant. The OP did not sign it, therefore any contract is verbal. You can' t be bound by a letter that forms no more than a proposal. It doesn't even state the amount of the loan.

Thrugelmir

Is the property both yours and your childrens home?  

Samdapanx

Yeah my worry is I don't have the money to. Pay it back. I live in the house with my 3 young kids. My ex isn't paying the mortgage or maintenance so don't see how I can pay it back

tommyedinburgh

Samdapanx said:

Yeah my worry is I don't have the money to. Pay it back. I live in the house with my 3 young kids. My ex isn't paying the mortgage or maintenance so don't see how I can pay it back

Tell them to take a hike. Absolute nonsense, surely their priority should be ensuring that their son pays maintenance and that there is a roof over their grandchildren’s heads?