PLEASE READ BEFORE POSTING

Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.

We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

Gifted deposit.. Help

Options
Can someone help me out with this, I was gifted a deposit for my home by a family member two years ago, it was a signed statement to comply with anti money laundering etc, now got letter from a solicitor saying they want it back as it was an investment, by either selling my property or I add them to my title deeds..
I took advice and was told that a court action could be raised though the chance of success would be minimal due to the gifted letter, has anyone had experience of this.. I'm worried sick.. 
P. S. The family member is due to pay fees for losing a personal injury claim, I suspect this is the reason why this is now happening, though this info wouldn't be admissible in court. 
Thanks
«13

Comments

  • Schwarzwald
    Schwarzwald Posts: 516 Forumite
    First Post First Anniversary Name Dropper
    Options
    probably helpfyl to state the total amount and the exact wording of the referenced "signed statement", but generally speaking if they dont have a signed loan agreement or similar, probably difficult for them to claim it back in any case
  • loubel
    loubel Posts: 859 Forumite
    Name Dropper First Anniversary First Post
    Options
    Was it a gift or a loan? 

    If it was a gift and they signed paperwork to state this then they are going to have a hard time arguing that they should be repaid.

    How close a family member are they? 

  • Marvel1
    Marvel1 Posts: 7,198 Forumite
    Name Dropper First Post First Anniversary
    Options
    They wrote a letter or statement confirming its a gift, and that is what it is.
  • Brie
    Brie Posts: 10,772 Forumite
    First Post Photogenic Name Dropper First Anniversary
    Options
    if you don't ask you don't get.  And even if you ask sometimes you don't get.
    "Never retract, never explain, never apologise; get things done and let them howl.”
  • user1977
    user1977 Posts: 14,543 Forumite
    First Anniversary First Post Name Dropper Combo Breaker
    Options
    hilladnama said:

    it was an investment
    What evidence do they say they have of this?
  • Annisele
    Annisele Posts: 4,829 Forumite
    First Anniversary First Post Name Dropper Combo Breaker
    Options
    I took advice and was told that a court action could be raised though the chance of success would be minimal due to the gifted letter, has anyone had experience of this.. I'm worried sick..
    I wouldn't worry about the first part of that. If I knew who you were, I could raise a court action against you and say that I was owed a share of your house. I'd get laughed out of court (and the case would probably be dismissed on the papers before I even got near a court room). But I could pay my fee and make my claim, then I'd lose my fee - and possibly more besides, depending on how much of a nuisance I made of myself - as soon as anybody actually looked at the specifics.
    If it really was a gift, and you have a signed statement showing that it was a gift, then your relative is going to have a very uphill struggle to somehow persuade a judge that it was a loan.
    If you've been doing something that's incompatible with it being a gift - eg the family member "gifted" £10k to you, and immediately afterwards you started "gifting" the family member £200 per month even though you'd never done that before - then things might be different. But a true gift with signed confirmation that it's a gift will look to a judge very much like a gift.

  • Keep_pedalling
    Keep_pedalling Posts: 16,981 Forumite
    First Anniversary First Post Name Dropper Photogenic
    Options
    If you also needed a mortgage then the mortgage company would have required a declaration that this was a gift, in which case they are stuffed.
  • diystarter7
    diystarter7 Posts: 5,202 Forumite
    First Anniversary First Post Name Dropper
    Options
    Hi

    From memory, I think we signed a letter to the lender saying it was a gift.

    A gift is a gift and a loan is a loan

    It is worrying OP but if papers signed, let them waste their money

    Is it a substantial amount, more than 50k or more than 500kk. If its more than 500k, they will try and around 50k, may be but less than that, once they've paid a solictors for a consultation of a few hundred quid, they will rethingk and become good friends and tell you a sob story to get somehting back

    It's the principle, dont give it back and you dont have to

    Thnaks
  • hilladnama
    Options
    Thank you everyone, the paperwork has stated how much was gifted, non repayable etc as was part of the paperwork required for my mortgage solicitor. 
    Fingers crossed. 
Meet your Ambassadors

Categories

  • All Categories
  • 12 Election 2024: The MSE Leaders' Debate
  • 344.2K Banking & Borrowing
  • 250.4K Reduce Debt & Boost Income
  • 450.1K Spending & Discounts
  • 236.3K Work, Benefits & Business
  • 609.7K Mortgages, Homes & Bills
  • 173.6K Life & Family
  • 248.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards