ᐅ Bought a house but have absolutely no knowledge about the subject.
Created on: 3 Jan 2019 11:28
A
Ageoffall
Hello everyone,
In May 2018, I bought my parents’ house because they were getting divorced, and the house was the only point of dispute. My father wanted to continue living there, and my mother wanted to be paid out. In the end, I agreed to buy the house.
The house has a market value of 250,000 and I paid my mother 115,000. My father retained a right of residence.
I took out a loan of 115,000 for the house and another loan of 50,000 to refinance old debts (15,000 — my lifestyle was quite extravagant), for renovations (30,000), and other costs (5,000).
My net monthly income is about 2,000. I repay both loans together with a total monthly payment of 710€.
After the purchase was finalized, I felt pretty much left on my own. I tried to inform myself about the essentials and, of course, studied all the contracts, which I understood for the most part.
However, after refinancing my old debts, I more or less just let things run without thinking much about it. Recently, the bank “kindly” reminded me (penalty interest) that I really should start using the renovation loan.
But I have no idea how to best coordinate a renovation. Last year, I contacted the general contractor who built the house. He came, took notes, but then stopped responding (that was in September 2018).
Whenever I ask my parents questions, I get nowhere. My mother doesn’t want anything to do with it, and my father always says, “No idea, you’ll have to wait.”
I also have no understanding of the utility bill accounting—when, how, and how often payments are deducted. I only know that payments are deducted and roughly how much, as this has already happened.
I am at a loss and don’t know how to proceed or what to do. I hope this post is not too confusing.
Thank you all.
Julian
In May 2018, I bought my parents’ house because they were getting divorced, and the house was the only point of dispute. My father wanted to continue living there, and my mother wanted to be paid out. In the end, I agreed to buy the house.
The house has a market value of 250,000 and I paid my mother 115,000. My father retained a right of residence.
I took out a loan of 115,000 for the house and another loan of 50,000 to refinance old debts (15,000 — my lifestyle was quite extravagant), for renovations (30,000), and other costs (5,000).
My net monthly income is about 2,000. I repay both loans together with a total monthly payment of 710€.
After the purchase was finalized, I felt pretty much left on my own. I tried to inform myself about the essentials and, of course, studied all the contracts, which I understood for the most part.
However, after refinancing my old debts, I more or less just let things run without thinking much about it. Recently, the bank “kindly” reminded me (penalty interest) that I really should start using the renovation loan.
But I have no idea how to best coordinate a renovation. Last year, I contacted the general contractor who built the house. He came, took notes, but then stopped responding (that was in September 2018).
Whenever I ask my parents questions, I get nowhere. My mother doesn’t want anything to do with it, and my father always says, “No idea, you’ll have to wait.”
I also have no understanding of the utility bill accounting—when, how, and how often payments are deducted. I only know that payments are deducted and roughly how much, as this has already happened.
I am at a loss and don’t know how to proceed or what to do. I hope this post is not too confusing.
Thank you all.
Julian
Mottenhausen schrieb:
The original poster acquired the house for a purchase price of 115,000 euros plus the father's right of residence registered in the land registry.
That the 115,000 euros then only went to the mother doesn’t concern him; that is really a divorce matter between the parents. No, no, no, it doesn’t have to be that simple or straightforward.
It’s possible that the original poster only bought the mother’s beneficial half, in which case there wouldn’t even be a registered right of residence.
From how it all reads here, many things are unclear and, in my opinion, some aspects are not legally possible.
Ultimately, it’s always two different matters: the one who pays and the one billed. Here, that seems a bit mixed up and isn’t being viewed carefully...
Maria16 schrieb:
There’s no ill will toward the father, But it does give the impression that the son, that is you, dear original poster, is being made a pawn—what matters is just that the parents come out fine.
My advice: gather everything, seek advice, and organize it. Then: where should the process head and with whom? What must and what can be done (-> land registry).
Concrete solutions and defined instructions, of course also directed toward the father.
You are not responsible for your parents!
Make sure the tasks don’t overwhelm you. You need to get moving yourself.
ypg schrieb:
It does feel like the son, meaning you, dear original poster, has been made a pawn – as long as the parents come out unscathed.
.To be clearer and straightforward:
What has been outlined here (according to the OP, a residential right for the whole house registered in the land register) is, in the OP’s case, really bad news. I would probably try to reason with them first (even if somewhat sneakily ;-) ) rather than going straight into open confrontation.
Unfortunately, I’m not very familiar with residential rights. Does anyone know if a father who holds a residential right for the entire house could actually evict the son, even if the son is the owner, since the residential right presumably covers exclusive use (i.e., the whole house)?
It might be worth asking a notary about this.
montessalet3 Jan 2019 14:41Maria16 schrieb:
….. Does anyone know if a father with a residential right for the entire house could actually evict the son, even though the son is the owner, since the residential right presumably covers the exclusive right of use (= the whole house)?
I would probably ask a notary about this as well.That’s what I meant with the statement that the notary has to make clear what the situation actually is. Or the original poster didn’t listen. No idea. If the residential right is not limited in any way, in my opinion it applies to the entire house—and I find that quite serious, or an absolute no-go: something like this must be made crystal clear by the notary to the “disadvantaged” party (here, the original poster). If not, the notary simply hasn’t done their job.
But all of this is just speculation: none of us were there......
H
HilfeHilfe4 Jan 2019 07:06montessalet schrieb:
This is what I meant by saying the notary must clarify the situation. Or the original poster didn’t listen. No idea. If the right of residence is not limited to something specific, in my opinion it applies to the entire house—and I find that serious or an absolute no-go: The notary must make this crystal clear to the “disadvantaged” party (here, the original poster). If not, the notary simply did not do their job.
But it’s all just speculation: None of us were there......The deal is done
montessalet4 Jan 2019 08:55HilfeHilfe schrieb:
the deal is doneHowever, the role of the notary in this case would still be quite interesting....