house valuation

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    house valuation

    hope someone can help me with this one. sorting out the finances of divorce, problem is my parents signed there house over to me about fourteen years ago, though they carried on paying the morgage which has just ended. they did this as my mum is disabled and they did not want to loose the property for medical bills.
    i do not get any rent from them and they pay all the bills for the upkeep of the property, its only really mine on paper.
    the ex is now saying that i have to sell the property which is roughly about £100,000. what would be the situation here, could i be forced to evict my parents, and what would the value of the house be with them staying put, they are both 65 years old.
    desperate for any advice on this one.

    #2
    Originally posted by themogs2 View Post
    desperate for any advice on this one.
    You need to consult a lawyer on this one - it doesn't really relate to general property letting.

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      #3
      This is really nasty, since your parents signed the house over to you as a gift, it belongs to you, completely, even though they paid the mortgagee and all the bills. This sort of thing is where trying to safeguard your property against forced sale can lead you. Eric is right you need a lawyer but don't get your hopes up. You could consider selling your house back to your parents via a mortgage but that would mean you have to give your ex. some of the proceeds, if you can prove that you did not actually pay for the house, and neither did he, that just might be very little.
      I offer no guarantee that anything I say is correct. wysiwyg

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        #4
        Originally posted by themogs2 View Post
        hope someone can help me with this one. sorting out the finances of divorce, problem is my parents signed there house over to me about fourteen years ago, though they carried on paying the morgage which has just ended. they did this as my mum is disabled and they did not want to loose the property for medical bills.
        i do not get any rent from them and they pay all the bills for the upkeep of the property, its only really mine on paper.
        the ex is now saying that i have to sell the property which is roughly about £100,000. what would be the situation here, could i be forced to evict my parents, and what would the value of the house be with them staying put, they are both 65 years old.
        desperate for any advice on this one.
        As Eric says, you need detailed advice.
        Was the 'gift' evidenced by anything in writing other than the Transfer Deed, for instance? Was there a Trust Deed?
        JEFFREY SHAW, solicitor [and Topic Expert], Nether Edge Law*
        1. Public advice is believed accurate, but I accept no legal responsibility except to direct-paying private clients.
        2. Telephone advice: see http://www.landlordzone.co.uk/forums/showthread.php?t=34638.
        3. For paid advice about conveyancing/leaseholds/L&T, contact me* and become a private client.
        4. *- Contact info: click on my name (blue-highlight link).

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