Mortgage overpayment - UC - deprivation of capital

Alice_Holt

jane_doe said:

I'm interested in this DoC in a slightly different situation. I bought my house jointly with my brother, him helping me with loan towards the deposit. Conveyancing solicitor recommended he went on the title and a deed was drawn up to specify that his deposit contribution was for an equivalent share of the equity, and that he wouldn't request his money back/force sale of the property for 5 years. All was fine, and 7 years later I'd saved up enough to repay him. So we had a solicitor draw up an variation to the trust stating that he was transferring his equity share in exchange for my cash.

All this was before I claimed UC so there was no capital issue at the time. The loan was documented legally by the trust deed that we had. Should that be sufficient to prove it was a genuine debt and not be considered DoC?

      Much better to ask a separate question, than tacking it onto an existing thread (with different circumstances).  
    Replies will become muddled and confused with 2 distinct questions on the same thread.

   It is also (IMO) disrespectful to the OP to hijack their thread.


(But since you weren't in receipt of UC at the time, it's very unlikely that it can be DoC. Possibly assuming that you didn't take this action with the intent to claim UC) 

HillStreetBlues

jane_doe said:

I'm interested in this DoC in a slightly different situation. I bought my house jointly with my brother, him helping me with loan towards the deposit. Conveyancing solicitor recommended he went on the title and a deed was drawn up to specify that his deposit contribution was for an equivalent share of the equity, and that he wouldn't request his money back/force sale of the property for 5 years. All was fine, and 7 years later I'd saved up enough to repay him. So we had a solicitor draw up an variation to the trust stating that he was transferring his equity share in exchange for my cash.

All this was before I claimed UC so there was no capital issue at the time. The loan was documented legally by the trust deed that we had. Should that be sufficient to prove it was a genuine debt and not be considered DoC?

You had a legal debt that was repaid, so no DoC.