I have a question ...but I am confused as to what I need to pay to get some information. Thank you My question as

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Customer: I have a question ...but I am confused as to what I need to pay to get some information
JA: The Expert's answer will cost $10 to $100, depending on the issue type and time to respond. You'll see the exact amount on the next page and can decide then. It's way less expensive and more convenient than any face-to-face visit.
Customer: ok thank you My question as follows - I loaned my partner around $450,000 to pay his company debt - we have a written agreement between us stating that this is what he owes me ...it is now going on 3 years and he is about to sell his house ...and says that he may not be able to pay me as he has to pay out his mortgage and that maybe I should use the money I have given him as an investment into a house together - though I am unsure that I want to do this at this stage and he says it may be best if we then go and apply for separate mortgages to make up the money needed for the new home which is not yet built. We are not married and I am feeling uneasy about this arrangement. What are my rights? He is under a great deal of financial pressure and sure my money would ease it for him if he didn't have ot give it to me ...at the same time ...I am sure I have the right to ask for part thereof at least? and what is a resonable time frame ? HELP
JA: Have you talked to an Oklahoma lawyer about this?
Customer: oh right ...this is not an NZ site?
JA: What steps have you taken so far?
Customer: Well...I have not taken any ..as I say there is a written agreement in place between us and that is it
JA: Anything else you want the Lawyer to know before I connect you?
Customer: I want to know what is reasonable if I am to ask for the money or part thereof? as there was no time frame set for the repayment .....I am worried it may take a long time / be talked into putting my money into a house as a way of not getting it back? Need some advice
Answered by Chris The Lawyer in 10 mins 2 years ago
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Chris The Lawyer
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Chris The Lawyer, Expert

Hi
I am a New Zealand lawyer based in Wellington and will help you with your question today. Please give me a minute to read your question
Customer
Thank you Chris
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Chris The Lawyer, Expert

That is a large loan and I would ask if you had independent legal advice about the advance and the security for the loan
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Chris The Lawyer, Expert

Is the loan secured against the house?
Customer
it is. As it was loaned to pay company debt which is in a Family Trust my partner has - and the house is part of that too
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Chris The Lawyer, Expert

Is there enough equity in the property to pay you out on the sale?
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Chris The Lawyer, Expert

I think you may be considering the future of this relationship and ask if you had a contracting out agreement under the Property Relationships Act
Customer
I did not seek independent advice at the time of loaning him the money - and the thing that concerns me is ...is that in fact I feel that I have no security - I am not on any deed for the house and not sure whether I should have requested to be? Maybe in hindsight I should have looked at this more closely
Customer
We agreed as part of the document we put together and signed and had witnessed that in the event that our relationship failed he would pay me out in reasonable time ...that is it
Customer
It is going on 3 years now that monies were loaned
Customer
I need to understand the Property Relationships Act - as I feel quite uneasy about it all especially at this time
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Chris The Lawyer, Expert

How long have you been together-the Property Relationships Act gives each of you a half share in the relationship property, but if the house is owned by a family trust it may fall outside the Act, because it is not his property but owned by the trust

Customer
He has borrowed for the house after his divorce with a second tier finance group ...so paying big fees for his mortgage & he owes $1.4million and he has secured $1.45million for the sale less fees etc
Customer
that is what I thought as it is in Trust. We have been together 5.5 years almost
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Chris The Lawyer, Expert

That would appear to show you have little security for the loan now

Customer
I understand that the Trust 'thing' makes it all that little more tricky
Customer
Right. Hence my apprehension.
Customer
All I have is his word.
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Chris The Lawyer, Expert

He still would appear to owe you that money, but how can he pay you? I would be concerned you have lost your money

Customer
Me too !
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Chris The Lawyer, Expert

Is he earning a good income?

Customer
Hence p that is why he has said to me treat the money I have given as an investment in the new house we go on to build...as he knows there is already little chance he return it
Customer
He has his own renewable energy business in Auckland, at the moment given he gets the majority of his work in Australia - things are all on hold as he cannot go there to work ..he has not had a resonable flow of income for a while now to be honest
Customer
I work and support myself
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Chris The Lawyer, Expert

I assume he will need to borrow to build the new house-you could take a second mortgage, because otherwise there isnt any equity for you.

Customer
he will need to borrow and he has asked that I borrow as well ...so that we both have funds to put into the pool. So how do I take a second mortgage ? are you meaning ...I take out a mortgage of my own?
Customer
how do I state to a bank that I have that equity already when I don't have the funds ?
Customer
ie monies loaned
Customer
he will need to borrow also of course
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Chris The Lawyer, Expert

You appear to be offered by him to help him support a new and substantial mortgage, which you would be equally liable for, and forgo your previous loan, as he cannot pay. Frankly it is not a great deal. I had suggested if his trust buys the next property then you take a second mortgage as mortgagee as security, but that may not work, as the bank may not permit that

Customer
OK thank you. I understand. I have to have a good think about this, appreciate your time this evening Chris. I shall hang onto your details and may be in contact again should I wish to take this further.
Customer
Are you able to send me your details in full if I am to contact you again - or do I just come back to this line?
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Chris The Lawyer, Expert

Just ask for me and I will see your new questions
Customer
OK thank you Chris. Again, appreciate the information provided.
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Chris The Lawyer, Expert

You have some difficult decisions ahead of you

Customer
Indeed I do.
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