Hello everyone,
I read an article about resulting trusts and wonder if anyone has had experience of this and can advise me.
I am a discharged bankrupt with mental health problems. It is now 2 years and 4 months since being declared bankrupt, and I have received a letter from the OR regarding his beneficial interest in my property.
The OR has seen proof, but not acknowledged my parents interest in/contribution towards my house. Will they loose their savings?
My parents lived with me for the first six months, and intend moving back in the future (when they are older and need home care. They are both nearly 80 and currently in very good health) They paid (£40,000 by chaps, which was their half of the initial deposit) on completion in 2006. They have also paid some of the monthly mortgage payments since. We never had a written agreement or had a charge put onto the property as we trust each other and never imagined the current situation would happen. The property is in my sole name. Does anyone know if my parents contributions should be taken into account? Can anyone confirm that my parents and I have a resulting trust, and what should I do?
Thank you in anticipation
I read an article about resulting trusts and wonder if anyone has had experience of this and can advise me.
I am a discharged bankrupt with mental health problems. It is now 2 years and 4 months since being declared bankrupt, and I have received a letter from the OR regarding his beneficial interest in my property.
The OR has seen proof, but not acknowledged my parents interest in/contribution towards my house. Will they loose their savings?
My parents lived with me for the first six months, and intend moving back in the future (when they are older and need home care. They are both nearly 80 and currently in very good health) They paid (£40,000 by chaps, which was their half of the initial deposit) on completion in 2006. They have also paid some of the monthly mortgage payments since. We never had a written agreement or had a charge put onto the property as we trust each other and never imagined the current situation would happen. The property is in my sole name. Does anyone know if my parents contributions should be taken into account? Can anyone confirm that my parents and I have a resulting trust, and what should I do?
Thank you in anticipation
vested interest/resulting trust
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