Dynamic presenter and Financial Adviser Tahei Simpson provides whānau with the keys to unlock their future and encourages first steps onto the property market. Wednesdays, 1.00pm (R), and On Demand.
QUESTION: I have gone along & got my partner's family house out of the estate at a cost. Long story short, half of the paid out amount to a family member & the trust to get it out of the family name, agreed for that half to be gifted back to us for renovations . Reneged ! The house is not up to livable standards for my tamariki. I am currently on maternity leave , no money for renovations, paying rent in the house we currently live in & the mortgage on this house at the same time. My question is to get my whānau in there faster so our rent money isn't dead money, where do I start with the house financially?
ANSWER: There's a lot more information I'd have to gather before I could give you an adequate response, but I'll give it a go. If the property is now in your and your partner's name and you are now responsible for the mortgage, one option is to sell it and buy another you could move into straight away. If you prefer to renovate, we'll need to talk more about your financial position which we can do directly.
As for the family member who you say reneged - if you had a legal agreement then maybe you could seek remedies through the courts however that costs more money and you may not get the result you wanted.
Probably not that informative but I can't really help without knowing more information.