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Thank you for your answer. The loan is taken out with the lender in my partners name only. Yes I would like to take responsibility for half of the loan.Are you able to assist with preparing the Deed of Trust and how much would this costs please?Many thanksNick
Hi, Thank you. What you need to do is write into the document just a contractual obligation that you will repay your partner £5,000 (or half the balance) in the event that the loan is called in. We cannot draft documents on this site - however the document you are after is very common and straight forward. I would estimate it should cost at most £250 plus VAT at a local solicitor. If you contact the Law Society www.lawsociety.org.uk they will be able to recommend a solicitor locally to you. The reason why you need a firm of solicitors to do this is because they have indemnity insurance which you can claim against if anything with the paper work goes wrong. I look forward to hearing from you. Kind regards AJ