WWYD? Request to loan in-laws money

IWasHereBefote

https://forums.moneysavingexpert.com/discussion/comment/81933152#Comment_81933152

sorry - I was trying to quote this post but it didn’t work.

sheramber

https://forums.moneysavingexpert.com/discussion/comment/81935434#Comment_81935434

No nothing to do with sibling.

You mentioned a charge on the new house for your money.

I was pointing out that if they did not pay anything back ( the track record for budgeting money is not good) then you wouldn’t get your money back until that house was sold, probably many years from now.

IWasHereBefote

I don’t know where the budgeting point comes from?

They’ve lived in the family house for over 50 years and had savings and investments which they have used to give large sums to 3/4 of their children over the years. Not being able to put a hand on £30-40k isn’t an indication they don’t budget. He has a gold plated public sector pension and they both get full state pensions on top. I’m not sure what the housing market is like around there, but I presume they expected to get enough from selling the family house to cover the cost of the new house plus stamp duty, but whatever has happened since with getting houses sorted out, they’ve decided to sell the less valuable one which means they won’t get as much cash and it will incur CGT which they won’t have factored in previously.

They’re exceptionally tight people. I would imagine there are still investments they don’t want to liquidate and see me and DH as the “easy option”, and if this is not sufficient reason to liquidate shares, a new boiler/roof wouldn’t be either, hence potential flakiness on repayment.

But DH seemed to be doing some research on CGT so I expect he has gone back to them pointing out that they would have fewer issues if they sold the family house rather than the inherited one, as originally planned. They have to complete in Sept so need to get a wiggle on. (And the family house is still very much a monument to the 1970s so potentially needs a fair bit of work to it to get it ready for sale.)

pollypenny

You can easily sus out what the local housing market is like by going on Right Move. Don't just look at asking prices for the area, but look at what similar houses went for.

IWasHereBefote

had a quick look but not much has sold around the family home.

I’d guess the new home is about £250/260k, family home around £230-240k and the inherited house around £110k.

NBLondon

Didn't you say your husband was self-employed? So that's an immediate reason for him not to loan out money e.g. if he breaks a leg and can't work for 3 months.

If they do have other investments but won't cash them in that's another huge red flag that they are taking husband for a ride.

IWasHereBefote

It’s all coming out now. Apparently DH told them months ago that he had money if they needed it before any of this came up, and despite telling me a fortnight ago that he was going to ask them why they had changed their minds and point out they wouldn’t need more money if they stuck with the original plan, he didn’t.

More than a bit furious.