“If you’ve invested in your grandchild’s new home without ring-fencing your monies, you should seek legal advice. Steps can be taken to protect your investment retrospectively, but the sooner you seek advice, the better.” Debra Emery, Partner and Head of Family
When a relationship breaks down, the wishes and
feelings of grandparents and the wider family are often overlooked.
Grandparents often do not realise that, where they have a well established
relationship with a grandchild, they are entitled to seek permission of the
Court to make their own independent application either in respect of residence
or contact. We can help throughout this process.
Problems can also arise for grandparents who have been kind
enough to help their grandchild onto the property ladder. With rising house
prices, it now quite common for grandparents to gift or lend monies to help the
adult child buy their first home. Many people do not think about protecting
their investment at this stage.
However, the first home often becomes the joint home of the
adult child and their partner. If this happens, grandparents should seek legal
advice – either before or after. A retrospective charge can be registered to
protect the investment, provided the couple are in agreement.
If the relationship breaks down, the grandparents
should seek independent legal advice as to their own position, in order to
protect and recover those monies for the family. We can assist throughout this
process, even if divorce proceedings are already underway.