Hi,
My mother-in-law sold her flat in for 14 lacs and I, my husband and my mother-in-law purchased a flat (resale)or 21 lacs. Out of this 21 lacs, my mother-in-law paid 14 lacs and we took a mortgage loan for the rest of the amount. However, out of these 14 lacs, she has paid 1,35,000 by cheque from her bank account and the remaining was transferred from my bank account to the seller's bank account. This information is also mentioned in the house agreement.
My husband is the first owner of the flat and my mother-in-law is the second owner. Now, due to some reason, she wants us to sell the flat and give her 21 lacs (she never paid 21 lacs). Also, we dont wish to sell the house but we are willing to give her her money i.e. 14 lacs back to her. We will take time to arrange this huge amount i.e. 14 lacs and it may take us 2 - 3 years to arrange that kind money and pay it to my mother-in-law.
My husband has an elder brother and an elder sister. Elder sister has been fighting for her share since my mother-in-law sold the house (in her name) in MP. She is the one who has forced my mother-in-law to persuade my husband to sell the flat so that her mom can give her the share of 4 lacs first.
My mother-in-law had prepared no will at the time of selling her house in MP and she still has no will.
My queries are:
1. What if something unforeseen happens to my mom-in-law before we collect 14 lacs and give it back to her.....can my husband's siblings claim their shares on my husband's joint property with my mom-in-law? If yes then what can we do to prevent this?
2. What if something unforeseen happens to my husband before we give 14 lacs to my mom-in-law.....as a wife (who is just a witness in the house agreement and not even a nominee).....how can I save my husband's property from getting into wrong hands?
3. I and my husband dont have a marriage certificate....what if something happens to my husband? My mother-in-law will become the sole owner and I will be thrown out of the house. How to prevent this? Is marriage certificate mandatory (I and my husband had married in a temple in the absence of our parents).
4. Can we remove my mother-in-law's name as second owner and make my husband the sole owner of the flat (because I am the one who is still paying the mortgage loan).
Please help me. I am worried.
Thanks.
