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stop_the_craziness

First "Bank of Mum and Dad Goes Sour" Sadface Story

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I have been absolutely dying for the first of these.....and finally that day is here......

Bitter rift at the bank of mum and dad: Couple lose £90,000 THEY say was a loan to their daughter but SHE says was a gift

Read more: http://www.dailymail.co.uk/news/article-5669857/Bitter-rift-bank-mum-dad-Couple-lose-90-000-loaning-daughter.html#ixzz5E3HNwzi6

 

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Interestingly I've just been through this when I (finally) bought. Solicitor and lender wouldn't accept any gifted money without explicit forms and letters stating it's a gift. Almost seems impossible that you could use someone else's money to help but a house without it being declared one way or another - certainly from my experience.

Edited by Beaker

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3 minutes ago, Beaker said:

Interestingly I've just been through this when I (finally) bought. Solicitor and lender wouldn't accept any gifted money without explicit forms and letters stating it's a gift. Almost seems impossible that you could use someone else's money to help but a house without it being declared one way or another - certainly from my experience.

Yes, if it's a loan the bank will take it into account when deciding how much you can afford to borrow.

Parents shouldn't have to give their kids 90k to buy a house in the first place.  How many years does it take a worker without rich parents to save 90k?

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23 minutes ago, TonyJ said:

The family is completely dysfunctional.

Yes indeed. Looks like bomad was used as legal funding to help the daughter take an inheritance of 200k and stop other parts of the family taking any. Parents as bad as the daughter there I'd say. Lawyers did well.

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I know that Nationwide make the parents sign a form to declare that the deposit is a gift and not a loan and to check that it isn't being laundered etc. I thought that this would be pretty universal. 

If the parents signed the form to say it was a gift and then started looking for repayments, then they'd be banged to rights, in my opinion.

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2 hours ago, stop_the_craziness said:

I have been absolutely dying for the first of these.....and finally that day is here......

Bitter rift at the bank of mum and dad: Couple lose £90,000 THEY say was a loan to their daughter but SHE says was a gift

Read more: http://www.dailymail.co.uk/news/article-5669857/Bitter-rift-bank-mum-dad-Couple-lose-90-000-loaning-daughter.html#ixzz5E3HNwzi6

 

Im sure they had a legal contract drafted. Didnt they?

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'Speaking following the ruling, the couple, both retired British Airways workers, said they mortgaged their home to lend Lucy the money because they believed it would help heal a long-running family rift over an inheritance.'

Ahh. They spunked the daughters inheritance. Now daughters spunked them money they 'invested' in a house.
 
Id be reluctant o give 90k cash. There's not enough crack in the world for me to take out 90k of equity release ...

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This is actually a gift from BOSMAD - and I imagine its the step mum that's got the **** and the old mans had to go along with it. As if any one would actually sign over the house they inherited from their nan to their step mum. F that, 

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Why didn't they let their daughter pay her own legal bills? Why did they give her the 90k for the settlement instead of asking her to take a mortgage out on her 200k house (which by the sound of it she'd blatantly cheated others out of).

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'The couple thought carefully before agreeing to make the loan in 2009, after David’s mother left Lucy a £200,000, three-bedroom house in Slough.

David’s two siblings challenged the will, claiming Lucy had unfairly influenced her grandmother, who had dementia. Unable to settle the matter, David agreed to help Lucy in a legal battle which eventually cost the couple £73,650 in legal fees.'

Maybe he should sue his daughter. He cant be unlucky with the legal system all the time ....


 

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'The couple insist they took out a mortgage on their three-bedroom home in Bude, Cornwall, only after making a verbal agreement. But a month after the money was paid, they asked Lucy when she would sign the house over. ‘She turned,’ said Glenda. ‘She said, “You’re trying to steal my baby’s inheritance, screw the pair of you”, loaded up her car and drove off.’''

Err, hes admitting to mortgage fraud.

The bank would not let her sign over the house anyhow, not if theres a mortgage on.

The parents are fuxing morons.

'Yet Lucy, David says bitterly, thought nothing of privately funding IVF to have her son as a single parent while he and Glenda were ‘drowning’ in legal bills.'

Err, you dont use the legal system to make money FFS.

 

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1 hour ago, Si1 said:

Yes indeed. Looks like bomad was used as legal funding to help the daughter take an inheritance of 200k and stop other parts of the family taking any. Parents as bad as the daughter there I'd say. Lawyers did well.

Indeed 90k to stop other claims on 200k inheritance....45% of legacy gone. I guess Lucy will have made that back since 2009 on the Slough house.  Well she didn' t have to make it up it came from parents.

Edited by crashmonitor

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2 hours ago, Beaker said:

Interestingly I've just been through this when I (finally) bought. Solicitor and lender wouldn't accept any gifted money without explicit forms and letters stating it's a gift. Almost seems impossible that you could use someone else's money to help but a house without it being declared one way or another - certainly from my experience.

Ahh but your doing it legally, above board. Thats where youve gone wrong. Think of the money you could have save and how you could have pulled wool over the mortgage bank ....

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Have I got this right? 

200k house left to Grand daughter. Will contested by grand daughters 2 uncles. 73k in legal bills fighting the uncles. 90k paid to settle the claim. 90k given by Dad and step mum after remortgage. 

So the daughter gets the house and the Dad gets 163k in costs? 

Jesus wept. I'm a firm believer that you know the family members who will get involved in the sort of thing. Who you need to draft a contact with and who you don't. The Dad was thick. 

 

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2 hours ago, Beaker said:

Interestingly I've just been through this when I (finally) bought. Solicitor and lender wouldn't accept any gifted money without explicit forms and letters stating it's a gift. Almost seems impossible that you could use someone else's money to help but a house without it being declared one way or another - certainly from my experience.

It's not the same thing. The daughter didn't take out a mortgage. She was paying a settlement to the Uncles. 

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9 minutes ago, spyguy said:

Ahh but your doing it legally, above board. Thats where youve gone wrong. Think of the money you could have save and how you could have pulled wool over the mortgage bank ....

This money was probably for the dads siblings so no bank looked at it!? Banks go through everything now I doubt you get away with 90K without them noticing. I reckon 15K would be the max you could layer in from a family loan before you get found out. 

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Sounds a bit more complicated than mere BoMaD.  The grandmother's will,  possible dodgy influence over someone with dementia, bad feeling all round anyway.  

The daughter sounds like a perfect little treasure. 

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2 hours ago, Beaker said:

Interestingly I've just been through this when I (finally) bought. Solicitor and lender wouldn't accept any gifted money without explicit forms and letters stating it's a gift. Almost seems impossible that you could use someone else's money to help but a house without it being declared one way or another - certainly from my experience.

I went through this when I lent my brother some to buy. It was a bridge until his partner s inheritance came through but I had to say it wasn't. 

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  • 338 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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