Bought a house but absolutely no idea about the subject

Hello everyone,

I bought my childhood home in May 2018 because my parents wanted to get a divorce and the house was the only point of contention. My father wanted to stay living there, my mother wanted to be paid out. In the end, I was persuaded to buy the house. The house has a market value of 250k and I paid 115k to my mother. My father was granted a right of residence.

I took out a loan of 115k for the house and a loan of 50k for debt restructuring (15k, my lifestyle was quite extravagant), renovation (30k), and other costs of 5k.

I earn almost exactly 2k net. And I repay both loans with a total of 710€ per month.

When the purchase was completed, I was pretty much left on my own. I tried to inform myself about the essentials and of course studied all the contracts and understood them as far as possible.

However, after restructuring my old debts, I somehow just let everything run without thinking much. Now the bank has "kindly" pointed out to me (penalty interest) that I should finally make use of my renovation loan.

But I have no idea how to coordinate a renovation. Last year I contacted the general contractor who built the house, he came, took everything down and then didn’t get back to me (that was in September 2018).

All questions I ask my parents somehow lead nowhere. My mother doesn’t want to have anything to do with it and my father always just says "No idea, you have to wait."

I also have no idea about the utility bill, when it is debited, how, and how often. I only know that it is debited and how much because this has already happened.

I am at a loss and don’t know how to proceed or what I should do. I also hope that this post is not written too confusingly.

Thank you all.

Julian

First of all, clarify the finances, does your father pay rent? Then call the company and ask where the offer is.

Get an overview of all existing contracts and insurances! Also tax assessments or similar documents.

Some will probably be debited monthly, others quarterly or even annually. However, I am wondering from which account the money is debited if you have not dealt with it so far?
How is the (financial) relationship with your father arranged? What does he pay, what do you take over?
Do you want to move into the house or does only your father live there?

And clarify what is still under your father's name but should now be better under yours! Have the relevant contracts rewritten if necessary or take out new ones and, on this occasion, check what insurances are missing or excessive.

A lot of paperwork, but no one can do that for you.

Pretty selfish of the two of them. The market value is 250000. For how much did you buy the house? Who is currently listed in the land register? Also the right of residence? Yes, and what do you get from the right of residence? A father who has a lifelong right of residence in your house and does not pay rent? Don't say that.

Well, THAT child would have drowned in the well long ago, in case of doubt, now he just has to make the best of it...

Thank you for your answers :)

My father does not pay rent.
The notary contract states that the additional costs are to be shared.
However, he currently still covers the electricity, grocery shopping, and gasoline. That roughly evens out.

Well, in the end, I was presented with a fait accompli. My father went to the municipality on his own and had the water and garbage bills transferred to me. At some point, I just had the assessment notice in my hand, and then in the end, I had no choice but to pay it.

There is apparently still a building fire insurance that my father currently pays; I was not able or was not given any more information about this. When asked about contracts, all I get is "somewhere" and "I'll look into it sometime."

I live with my father in the house, and my fiancée will move in during the year. There is no clear spatial division according to the contract, as I rely on a verbal promise that my father will move to the upper floor when my fiancée moves in. Although I now doubt that this move to the upper floor will go smoothly.

I am not really afraid of paperwork, I just don’t know where the old contracts are, and this is also not discussed.

I bought the house for 115k.
The bank, me, and the right of residence are listed in the land register.

Because of the right of residence, I only had to pay 115k. Nothing more.