Parents who gifted their daughter £100k a decade ago now want the money BACK so they can buy a holiday home – even though she’ll have to sell her house to repay them
- British woman asked for advice on being asked to return an early inheritance
- She says her parents want the money back to buy themselves an holiday home
- Mumsnet users argued that the relationship with her parents would be ruined
- Many advised the woman not to return the money to her parents as it was a gift
A woman who was gifted £100,000 by her parents revealed they have now asked for the money back a decade later.
Writing on British parenting site Mumsnet using the handle ‘NeededtoNC’, the woman explained the sum was given to her as an ‘early inheritance’ and that she had used the money to buy a house.
However her parents have now asked for the money back in a lump sum in order to buy a holiday home abroad.
With 15 years left on her mortgage, the woman told how she would have to sell her home to be able to afford her parents’ request.
Fellow Mumnset users were quick to blast the woman’s parents, and urged her not to return the inheritance money.
A British woman has sparked a debate over being asked to return an early inheritance, ten years later (file image)
The woman outlined in a Mumsnet post that her parents want back £100,000 that they gave her ten years ago, so that they can now buy a holiday home
Kicking off the lively thread, the woman wrote: ‘Our parents want the inheritance back because they have decided they want to buy a summer home abroad.
‘DB (dear brother) 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.’
A flood of commenters were in agreement that the woman shouldn’t sell her house in order to give her parents the money
A flood of commenters were in agreement that the woman shouldn’t sell her house in order to give her parents the money.
Many urged her to find evidence that her parents had given her the inheritance as a gift, rather than a loan.
One person said: ‘If they’re the type of people to ask for the money back and you say they like to play power games, I’d be preparing myself for them suing you for it! It may seem extreme but they might try to pass it off as a loan if they’re really heartless. Say no but also dig out any evidence you have it was a gift.’
Another wrote: ‘No way. They’d rather buy a second home and let your lose the stability of owning your own home?! That’s a bizarre decision!
‘If they’re happy to help you with rent, and your brother is happy to return his 100k, let them use that 100k towards their holiday home purchase and they can mortgage the rest and they can pay their own small mortgage instead of paying your rent!’
A third added: ‘…I agree with everyone else. You should just say no -you’re not prepared to sell your home so they can buy a second home! They should get financial advice about equity release or a specialist mortgage for retired people. If they don’t like it and fall out with you so be it…’
A stream of responses to the thread urged the woman not to give her parents back the money and urged her to compile evidence that it was given as a gift
A small number of people attempted to give the woman practical solutions for how she could possibly raise the money to give back to her parents.
One person said: ‘Can you raise any capital from your home? Seeking as you’ve had it 10 years it must have made some money & you must have paid off a chunk of the original mortgage. Could you remortgage it back up to the original amount (and maybe a bit more) & offer to give them something.
‘I understand the original £100k was a ‘gift’ but they were very generous doing that & could a gesture of £20k – £50k may be an option?..’
Another wrote: ‘… Couldn’t you sell your home, give them back the £100k out of the sale and then surely you will still have some profit yourself if you’ve been paying a mortgage off for 10 years, so you can put that down as a deposit on a new place.
‘Sure, you won’t be able to buy as expensive a place again, but you’ll still be on the property ladder. It sucks, but you surely wouldn’t be back to renting.’
Others advised the woman to consider either remortgaging her home or selling in order to meet her parents requests
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