She is asking for monthly payments.
She has lived there for approx. 12-15 years, she wants me to contribute £500 per month for an indeterminate period ie; as long as my father needs care or until the house is sold. I think that any agreement should also stipulate 'until the house is sold, transferred or until she co-habitates but probably you can advise me what is best. Her children are all married with their own family homes.
I don't know but I could suggest that however, it may be difficult because the full amount of the loan would not be clear from the beginning and the property is increasing in value. Also, she has already released some equity and that type of arrangement might contravene the terms of that loan.
Thanks, ***** ***** further question, which type of document would best cover this private agreement, deed of trust, loan agreement etc?
Thank you Clare.