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Screensize: 640 x 480 800 x 600 1024 x 768 1280 x 1024 UserName: Password: Format Mode: Basic  Help  Prompt  Format: Font Andale Mono Arial Arial Black Book Antiqua Century Gothic Comic Sans MS Courier New Georgia Impact Lucida Console Script MT Bold Stencil Tahoma Times New Roman Trebuchet MS Verdana   Size 1 2 3 4 5 6   Color Black Red Yellow Pink Green Orange Purple Blue Beige Brown Teal Navy Maroon LimeGreen Message: * HTML is OFF * Forum Code is ON Smilies [quote][i]Originally posted by Abandon Ship[/i] [br]Hi, Property Question. Nine years ago when I was young free and single my parents put their early retirement lumpsum into a property with me. I took out a small mortgage of £15000 for my share of the property. The idea was that they lived abroad half the year, and lived the other half in the UK in the property with me. Shortly after doing this I bought a house with my now wife and so I only lived at the property for 6 months. I continued with the mortgage because my parents still lived in the property for half the year and they put up the lions share of its worth, and my wife and I ahd good jobs & could afford both mortgages. 6 months ago, I was struggling to pay my own mortgage as I'd started a new business with my wife (following our redundancies), so they bought me out of the property I had with them by paying off my small mortgage. My wife and I have now lost our business and our house is going through repossession proceedings. Because of substantial other debts we can no longer make payments for, we are both currently completing bankruptcy forms. I am desperately worried that my parents buying me out of the other property 6 months ago will be construed that I have disposed of an asset and therefore my parents will lose their home in the UK and conseqently their early retirement lumpsum invested in this property - all because my wife and I have got ourselves into terrible debt! Will this be the case - they can easily prove the amount they originally put into the property. Despite the way it sounds they are not rolling in it, and are pensioners. I don't think they would ever speak to me again. Could anyone please advise? [/quote]   Check here to include your profile signature. Check here to subscribe to this topic.