Parents and property

[Fedduup32]

Please be kind I’m not in a good place at the moment mentally.

In my early 20’s my parents put a rental property in my name. Not all as good as it sounds. I’m in my 40’s now and because of this property was unable to get first time buyers mortgage when I was looking for my own place so didn’t get a good deal that I could have.

Over the years whenever I bring up any conversation it ends in my mum screaming at me and threatening to put the property in one of my siblings name instead. I’m really upset as I came to visit my mum with kids and mentioned our flat is too small and I would love to get a bigger place and asked her if i sold the property how much would I get so could use as a deposit so I can get a nicer place. She got unreasonable again which resulted in me screaming at her too, not a nice thing to be honest. In the end I managed to get info from her that the rental gets £70 profit a month so in 20 years of this I asked her if I can have my money and she starts screaming at me.

After a lot of shouting today I finally learnt truth from her that she only made me buy the property as her accountant told her it will make more sense money wise to put in one of the kids name as they would have to pay tax etc. I feel really used by her but also guilty that she’s my mum but I feel sad that she never thinks about me or any repercussions it has had in my future finances and opportunities.

She doesn’t even clearly talk to me about anything to do with the property. I don’t even know if it was hers first then she put in my name for tax or first time buyers rate. I just get made to feel unreasonable if I ask any questions. My siblings were there today as well and they made me feel I am causing trouble but also admitted they glad she didn’t put in their name as they would have missed out on first time buyers with their property. I just wa t answers from her but she threatens all sorts.

I’m lying here feeling bad I brought up the topic but why can’t she just have a conversation with me about it. I don’t know what she’s hiding as she gets defensive.

Poor OP, I had a landlady like that. The property was in her daughter's name and she did nothing to maintain it, while doing illegal tax dodges.

I think you definitely need counselling to deal with this situation.

Definitely seek some legal advice.

Don't worry that you don't have paperwork. Your parents don't "have the deeds"; they may have the only homeowner copy, but usually the mortgage provider keeps the actual copy and if you're named on it, once you've provided proof of identity you will be able to start gathering the required paperwork so you can make sense of this yourself and decide next steps.

But be prepared to lose your whole family, by the sounds of it.

It sounds a horrible situation OP, I am sorry

You need a solicitor to untangle this.

You need to know what mortgage debt there is on the property. You are liable for this.

Get your credit report. This will tell you the debt and bank accounts in your name.

Legally the house is yours but so is all the liability.

You can check your self assessment online on the HMRC website. You will need to register.

Technically you are a client of that accountant too. They will have to give you any information you ask for. But I assume they will also inform your parents.

OP, this is a financial, emotional and legal mess.

It will take a while to unpick and sort out. I just want to wish you strength over the coming months.

You're parents are abusive though, it might be painful but extracting yourself from this situation is the right thing to do.

@WeBuiltThisBuffetOnSausageRoll
Sensible posts, thank you

@Fedduup32

Yes definitely in my name as the paperwork for new tent ants always has my name as landlord and and then bank details are in my name which I have no access to as they made me sign a letter that gives them authority to operate my account (it’s a business account) on my behalf.

Bloody hell

The problem is naivety doesn’t help you in the eyes of the law. Especially if it’s to do with the government.

Get out now OP. Get a solicitor and get out now. Your liable for a hell of a lot of things. If you sign stuff. You’re even more liable. Please get out of it now

You need to go to the bank. Get back the details. Get the house out of your name.

@kidsatuniemptynester

Something doesn't add up here. Firstly, the first time buyers rate which you keep on about has only been around for a couple of years, secondly, £70 per week profit? How? If you are being assessed on the income for tax purposes how does your Mother receive this money? If the property was bought 20 years ago why is there still such a massive mortgage that it is only paying this piffling profit?

The OP doesn’t sound like she got much help to get on the property ladder.

She may have only been ready a couple years ago.

I think it’s a typo as the OP says £70 pm

The money goes into a bank account in OPs name that is what she is taxed on. However, she signed over access to her DPs.

With regard to the mortgage if they’re only paying interest only mortgage, they still have a big mortgage or they have increased the mortgage to buy more OP isn’t clear. If OP has signed away rights to the account lord knows what else she’s signed away.

I wouldn’t trust the accountant and would move my client file to a different accountant as per of the process of unravelling everything.

Being in this complicated situation with these horrible parents is not good at all, OP.
Get counselling and also legal advice on how to take control and get out of this mess.

I went through a similar horrible situation with my mother. I was taken advantage by her and her DP to buy a property when I was between the ages of 20-25 and for some of that time I had a baby son, with my situation I was actually having to pay £370 pm (scrimping, minimum Mat leave, full time shift work with a newborn). I was then bought out at a knockdown price with all sorts of promises for more money that never materialised. This was after a traumatic childhood with an alcoholic father so I was very much frightened of saying no at the age of 20.

First of all, do a Subject Access Request with the mortgage provider. There are templates on the moneysavingexpert website and it's very easy to do. I think it costs £10 and they will send you EVERYTHING they have with your name on it. I got the original mortgage agreement with the salaries entered etc, then statements for every year. Tons of stuff. Records of phone calls.

My mother did all the screaming initially when it all blew up (I tried to keep a lid on it but couldn't when her DP started treating my kids like crap and touching my legs when I wore shorts, she was bragging about all her investments).... then when I applied for the Subject Access Request she must have been notified somehow, she then changed tack to being apologetic but with an onus on me to get over things. The past is in the past etc.

So sorry this has happened to you. I have had a fair bit of therapy and it does help.

Solicitor.
Sell it.
Solicitor.
Sell it
Solicitor.
Sell it.

And what @DancesWithFelines says.

Be brave, or you’ll end up screwed for years to come.

So sorry to read this. I have no expert opinion to offer but thought of you reading this Q&A in the Times today that is relevant to your situation - worth a look? The difference is that the original arrangement was amicable and clearly explained (though even in this instance the longer term implications didn't seem very clear).

"I am on my mum’s mortgage and now want to buy my own home. Do I qualify as a first-time buyer?"

www.thetimes.co.uk/article/62c572cc-f065-11eb-8f01-2c678acbb979?shareToken=f9eeed66aee83777819c71c27fdf74c5

Fedduup32

You may also need to find out whether your parents have this registered under a business, because this (depending on how it is set up) could leave you with no say over whether the house could be sold.

It may also give you some insight in to whether your parents could have taken mortgages and loans out without your knowledge.

If you haven't already try posting this on the legal board as well as seeing your own solicitor.