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Lump sum repayment

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jean3471
Posted by
Senior Member

17 Oct 14 #447018 by jean3471

Topic started by jean3471

Under the schedule for the children''s act I received £85,000 which has gone toward purchasing a property my son and I .My question is when my son turns 18 or finishes full-time education I will have to pay back the 85,000+ interest how is this done ? Do I have to pay it back all in one go or could I arrange to pay it back in small amounts ?

Please help !

WYSPECIAL
Moderator

17 Oct 14 #447027 by WYSPECIAL

Reply from WYSPECIAL

Does the court order not say?

I would imagine it would be a lump sum as it would be seen that you could finance it by selling the house that you currently need for your son but no longer will.

You don''t mention how old your son is now but you would need to ensure there was sufficient equity in the house to fund the interest element as well as the original £85k

.Charles
Platinum Member

18 Oct 14 #447101 by .Charles

Reply from .Charles

I''m surprised that interest is payable although this may be to offset the usual rise in equity during the period.

Lump sums under the Children Act for purchase of a property would normally be payable immediately the youngest child reaches 18 - there is no option to delay payment or pay in installments.

Charles

jean3471
Posted by
Senior Member

19 Oct 14 #447173 by jean3471

Reply from jean3471

Thanks

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