We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
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're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Beneficial interest
Options
Comments
-
I can see why it annoys you so much now. When did these structural issues become apparent?Emmahod said:
It has been identified as having structural issuesswingaloo said:If the house was bought 15 years ago where has all the equity gone?No reliance should be placed on the above! Absolutely none, do you hear?0 -
Wow, that does make a difference.
So 15 years down the line and you have to start again. Depends how you look at it, on the one hand you have been paying a mortgage and so should have been building up equity but on the other hand if you would not have been able to buy without the parents help then you would probably have been renting and so are in the same position.0 -
It has all started prob in the last 12 months it wasn’t until we got it checked we have found out the extent of itGDB2222 said:
I haven’t seen the original survey that was done on the house as it was purchased before me and my husband got together but I can’t imagine it mentions anything from back then0 -
It’s just frustrating that me and my husband are taking the full loss on the value of the house.swingaloo said:Wow, that does make a difference.
So 15 years down the line and you have to start again. Depends how you look at it, on the one hand you have been paying a mortgage and so should have been building up equity but on the other hand if you would not have been able to buy without the parents help then you would probably have been renting and so are in the same position.I see it (and I could be wrong) that if w hadn’t paid the mortgage there would be even less equity in it than there is now. And I get the in laws put a deposit in but I feel like we have basically paid to protect their investment
it seems unfair to me but if there is nothing I can do there is nothing I can do apart from learn a very expensive lesson0 -
Wouldn’t the structural problem be insured? Get it fixed through your insurer and then sell.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
-
in an earlier post you said PIL had purchased the property as buy to let. Therefore "if w hadn’t paid the mortgage there would be even less equity in it than there is now" is untrue.Emmahod said:
It’s just frustrating that me and my husband are taking the full loss on the value of the house.swingaloo said:Wow, that does make a difference.
So 15 years down the line and you have to start again. Depends how you look at it, on the one hand you have been paying a mortgage and so should have been building up equity but on the other hand if you would not have been able to buy without the parents help then you would probably have been renting and so are in the same position.I see it (and I could be wrong) that if w hadn’t paid the mortgage there would be even less equity in it than there is now. And I get the in laws put a deposit in but I feel like we have basically paid to protect their investment
it seems unfair to me but if there is nothing I can do there is nothing I can do apart from learn a very expensive lesson
By taking occupation you have deprived PIL of a rental income that should have both paid the mortgage and given given them a personal additional income. Instead, all they are getting now is a lump sum back which has been severely eroded in value by inflation. If the total they get is a tad more than the original deposit, then all that is doing is going some way to redress that inflation loss (and any such "profit" is taxable anyway).
I am sorry your housing bubble has burst, but railing at PIL because of it is pointless.
I wonder if, rather than PIL, they were your own parents, would your stance be different?.
You've had years in which you could have nagged your husband to move for example.0 -
If they had rented the property out then they would have been responsible for maintaining it over the years and this structural issue would have still arose so they would have been left with the same amount that they have now, less if you consider the general cost of maintaining a house to keep it suitable for rental.Bookworm105 said:
in an earlier post you said PIL had purchased the property as buy to let. Therefore "if w hadn’t paid the mortgage there would be even less equity in it than there is now" is untrue.Emmahod said:
It’s just frustrating that me and my husband are taking the full loss on the value of the house.swingaloo said:Wow, that does make a difference.
So 15 years down the line and you have to start again. Depends how you look at it, on the one hand you have been paying a mortgage and so should have been building up equity but on the other hand if you would not have been able to buy without the parents help then you would probably have been renting and so are in the same position.I see it (and I could be wrong) that if w hadn’t paid the mortgage there would be even less equity in it than there is now. And I get the in laws put a deposit in but I feel like we have basically paid to protect their investment
it seems unfair to me but if there is nothing I can do there is nothing I can do apart from learn a very expensive lesson
By taking occupation you have deprived PIL of a rental income that should have both paid the mortgage and given given them a personal additional income. Instead, all they are getting now is a lump sum back which has been severely eroded in value by inflation. If the total they get is a tad more than the original deposit, then all that is doing is going some way to redress that inflation loss (and any such "profit" is taxable anyway).
I am sorry your housing bubble has burst, but railing at PIL because of it is pointless.
I wonder if, rather than PIL, they were your own parents, would your stance be different?.
You've had years in which you could have nagged your husband to move for example.We have paid for all maintenance on that house inc surveys and all legal fees/estate agent fees to sell it and come out with nothing.It isn’t about my stance due to the in laws you have no idea about the relationship I have with them.
I was simply asking advice and your negative feedback on what you presume is my family situation is uncalled for.Thank you to everyone who has given helpful advice I will speak to our solicitor if I require anything further0 -
The point regarding insurance raised by silvercar is relevant here I would think. If the solicitor was aware of the loss of value due to structural issues they should have advised contacting the insurers before selling. A remedy paid by them could have changed the OP's financial situation radically.I would be inclined to make a formal complaint to the solicitor if insurance was in place before the sale.0
-
If what you say about the original deed of trust is correct, that it was a simple ££ value, then unfortunately it is unlikely there is anything you can do - as you say, you paid to protect their investment with the hopes that any and all increase in value would be yours to keep, which hasn't happened due to the price drop.Emmahod said:
It’s just frustrating that me and my husband are taking the full loss on the value of the house.swingaloo said:Wow, that does make a difference.
So 15 years down the line and you have to start again. Depends how you look at it, on the one hand you have been paying a mortgage and so should have been building up equity but on the other hand if you would not have been able to buy without the parents help then you would probably have been renting and so are in the same position.I see it (and I could be wrong) that if w hadn’t paid the mortgage there would be even less equity in it than there is now. And I get the in laws put a deposit in but I feel like we have basically paid to protect their investment
it seems unfair to me but if there is nothing I can do there is nothing I can do apart from learn a very expensive lesson
I don't know if you could try and argue anything about intent, that a % ownership split is what they really meant at the start, perhaps your solicitor could advise on that.0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 350.9K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.5K Spending & Discounts
- 243.9K Work, Benefits & Business
- 598.7K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards