Parents want inheritance back

[NeededtoNC]

Ten years ago, my parents decided to gift me and my brother 100k each as early inheritance within the 7 year period.

With that I bought a house (with a mortgage). Still have 15 years left on the mortgage.

Now our parents want the inheritance back because they have decided they want to buy a summer home abroad.

DB is in a position to be able to as he’s well off.
However I am not and I’m barely able to keep up with the mortgage payments as it is.

In order to give back the money I’d need to sell. My parents are aware of this and have said that if I need help to pay rent, they’ll give it to me. But they want the lump sum in order to buy their holiday home.

AIBU to not give it to them?

I don't think they're actually being honest about why the want your money. Are they looking to buy a mansion in the Bahamas or w nice holiday home in Spain? It sounds like they're making excuses and just want the money back.

It is incorrect regarding the £4000 This relates to the small gift allowance where a sum is potentially not counted at all if it is given as a gift.
If someone outlived the giving of the gift by seven years or more there is no limit on the size of the gift which can be given.

Gifts are tax free as long as they are prior to 7 years of the death of the giver.(person to person not company or trust)

Any money received as actual inhetitance (ie after the death of parents) is due to inheritance tax at 40% except the first £65000 which is the married persons allowance of your patents and is exempt.
It is true that currently if a gift is given and used toward a mortgage a letter is required to state it is a gift one non returnable and thus is due to and anti money laundering regulations. Check with your lender. They should hold details.

Your parents are being extremely unreasonable with their request.

If they wish to purchase a property abroad the best strategy is for them yo release equity in their own home which will never paid upon their death. They shpuld shop around for the best deal.

It is worth considering that 're selling property abroad can extremely difficult and if they ate considering buying a new build these can often loose a third of their value or such as soon as they have been bought.

Properties overseas require their own wills in that country and are not reliant on UK wills. If your parents were yo die without a will in the country of the property in some cases e.g. Spain, the house would go to the government I believe.

Wtf this is unbelievably outrageous & they’re not even planning on selling their own home. I never think money is worth falling out over but this isn’t about the money but their unbelievable selfish nastiness.

@Skybar60
you need to start your own thread

That is OUTRAGEOUS! Do your parents have form for being selfish arseholes, @NeededtoNC?

They presumably have a home already - but are looking to purchase a second, holiday home on top of that?
So now they get to turf you out of your ONLY home?
Saying that they will pay rent for you instead is not acceptable. WHat happens when they pre-decease you, & you have to carry on finding rent money for another few decades?

The £100k, while an exceptional amount of money, was a GIFT.
What a couple of shits.
But without background, who can advise you ... are they worth losing your home for?

Unless OP replies this is a zombie thread.

Yeah, I didn't notice til already posted. It's only about a month old tho' - OP might come back with an update.

I've wondered where OP is, too. Clearly it's wise for her to see her solicitor to check the status of the gift. And or accountant to see what the implications are. However it's not incumbent on her to come back though it would be helpful. Perhaps the Daily Fail intervention has put the cat amongst the pigeons in her family. Well done again, Daily Fail!

They are being totally unreasonable.
Say NO
It was a gift therefore it`s none-returnable.
Also,IF they did offer to help you pay rent.
If you were silly enough to give it back.
You can bet your bottom dollar they would stop helping out.
You can also bet they will tell you that you're not having anything when they die.
Bully parents.so sad and selfish of them.

I think this thread was picked up by the bastard DM so OP decided not to post any more.

Hope you are ok op

Op speak to a solicitor asap .
Your parents are very wrong
You cannot ask for a gift back .

OP a lot of people have taken the time to care about your post and specifically taken care to write a sympathetic response to you or to give you some good advice, THE least you could do is thank these people by simply giving them an update !!!!!

Hope you’re okay OP

@MrsGeneGenie you could always try a thing called 'the telly'.

Do not give them anything.

It’s sad that your relationship will suffer, but the fact that they want you to give up your home so that they can have TWO, means that you relationship with them is damaged already.

Don’t believe them for a minute about helping with rent. They clearly don’t budget, and change their minds about financial arrangements as the winds change.

I’d love a holiday home, but we don’t have the money. I’m not going to go around asking for any gift back that I’ve ever given anyone, to try and gather a lump sum to buy property.

It’s rude, offensive and cruel to be asking for the money back. I wouldn’t fight, but I’d just say “I’m afraid I’m not in a position to give you £100k. But wouldn’t that be nice!” And laugh, and move onto a new conversation.

Sorry that your parents are so awful. I’d rather have a house than two people who didn’t give a shit about me.

OP's posts were all back in June

What kind of ghoul goes through old threads and dredges them back up clearly for their own shameless entertainment? If the OP wishes to come back, she is feee to do so, but we don’t know her mindset or what is going on right now. It is NOT for some weird random on the Internet to dictate. And if your contribution is contingent in regular updates, maybe you should take that other poster’s advice and go back to your telly.

Excellent zombie thread. I'd have told them to whistle for it and cut them and the brother off. Fuck 'em. A gift's a gift. They have a cheek trying to get it back years later for a fucking holiday home. Anyone who gives someone a gift and then asks for it back later on is a twat.

@MrsGenieGenie the OP was probing scared away by the Daily Fail article, which is completely understandable

@MrsGeneGenie, could you show me what law or rule says that someone starting a thread on social media has a duty to give updates? This isn't a soap opera.