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Harris
Harris, Family Law Expert
Category: Family Law
Satisfied Customers: 2727
Experience:  Family Law - Specialist in Divorce, Financial Relief and Children Matters
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I am living with someone, who has asked me land a large sum

Resolved Question:

I am living with someone, who has asked me land a large sum of money. What kind of written contract I can make to secure my money?
Submitted: 1 year ago.
Category: Family Law
Expert:  Harris replied 1 year ago.
Hi, thank you for your question. How much have they requested?
Customer: replied 1 year ago.
Around £30000
Expert:  Harris replied 1 year ago.
Thank you - do you know what the loan is for?
Customer: replied 1 year ago.
For a home improvement
Expert:  Harris replied 1 year ago.
Thanks. Firstly, lending such a large amount of money is a big risk, and there is always a risk that you will not be paid back. If you are not paid back, even if there is an "Agreement" in place, you will have to go through lengthly and costly court process, and in your situation, given that it is in excess of £10,000, it will not be considered a small claim.However, if you do wish to continue to lend the money, you need to prepare a loan agreement - you will not be treated as a lender and should not be charging interest. In the agreement you should specify repayment amounts, frequency of repayments and how long the repayments will be spread out. You should then both sign the agreement in the presence of an independent third party, who counter-signs the document.I hope this assists you. If you found this information helpful please provide a positive rating using the stars at the top of this page. I will not be credited for answering your question without a positive rating. Thank you
Customer: replied 1 year ago.
I have paid £37. Why do I have to pay more. Anyway I m hoping get the money but my concern is that she might end the relationship and ask me to move out after I land the money to her
Expert:  Harris replied 1 year ago.
The extra payment is an offer for more question time as the initial question has been answered.However, you have now stated you are in a relationship with the person you are living with - are you married to each other? Is the home you are living in owned by either of you or is it rented?
Customer: replied 1 year ago.
We are not married and she owns the property
Expert:  Harris replied 1 year ago.
Thank you - of course if the relationship breaks down, you will have no right to stay in the property and she can ask you to move out. However, in the circumstances you can enter into a deed of trust if the money you are lending is to renovate the property you are living in - this would entitle you to a repayment from the equity in the property (if there is any) and you can then apply for the property to be sold if she does not repay the loan.I hope this assists you further. If you found this information helpful please provide a positive rating using the stars at the top of this page. I will not be credited for answering your question without a positive rating. Thank you
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