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Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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Last year I lent money to my daughter property purchase

Resolved Question:

Last year I lent money to my daughter for a property purchase destined for renovation and resale - a flip- which she expected to turn around over a period of 9 months. The property was ready for sale within 6 months but did not conclude. I loaned her the money without question at an agreed interest rate of 4% later, I asked her to prepare an agreement as she wanted to buy another property and continue this type of work. She came up with an agreement that was not adequate for my needs so I rewrote it and added the terms that were missing. We were to meet and sign in Malta ( a plan that had been in place a couple of months previously) at which point she cancelled her trip, told me she was falling out with me because I did not trust her (!) and I have not heard from her since. I loaned my daughter the money to start this type of business for her personal security, but she purchased the flat together with her husband without telling me that he was joint owner. Now, there appears to be some problem regarding the resale of the flat. It was on the market for a while but no longer is and as she does not communicate with me, I have no idea what is happening and see no effort on her side to repay the money. She lives in Bristol and I live in Italy. Obviously I want to know what is happening and I want my money back.
Please advise on what legal rights I have even though I do not have a signed agreement.
Thank you. Olbech
Submitted: 1 year ago.
Category: Law
Expert:  Ash replied 1 year ago.
Hello Olbech my name is ***** ***** I will help you.
I assume you want to know how you can ensure you get your funds back? How much was loaned?
Customer: replied 1 year ago.
Hello Alex.
Yes indeed. The amount in question is 150,000 GBP. While I have no signed loan agreements as my daughter fell out with me on this issue, I do have emails from her clearly outlining her intent to repay me and stating in one that the loan would be repaid after one year. The year expired in June 2015 and I have not heard from either her or her husband who is co-owner of the apartment in question.
Expert:  Ash replied 1 year ago.
Would she agree to let you have a charge on the property voluntarily?
Customer: replied 1 year ago.
I have no idea. Relinquishing the flat to me in case there was a problem was one of the clauses I put forward in the draft agreement I sent her which she called "stupid and over the top" after which she has not spoken to me.
Customer: replied 1 year ago.
I have tired to approach her several times by email but no response, and she and her husband both fail to pick up the phone when they see my name.
Expert:  Ash replied 1 year ago.
You need to write and set out your losses and request a refund within 14 days or say you will go to Court within 14 days. You should make sure you send this signed delivery and keep a copy.
If they do not refund you then you can issue proceedings in the County Court. You can either do this online at: or by completing form N1 and take it to your local County Court.
The Court will then issue a claim which a copy will be sent to the Defendant who will have a limited time to defend it, if not you can enter Judgment and enforce.
If the claim is for £10,000 or less it will be a small claim so you will not need legal representation. Over this value you would need representation for trial. Once you get Judgment then you can apply for a charing order, this means the debt becomes secure on the property like a mortgage. That means when they sell it they have to pay you out after the mortgage before they get any money.
Can I clarify anything for you about this today please?
Customer: replied 1 year ago.
The loan is large - 150,000 net without interest although a 4% interest was verbally agreed. I live in Italy so could advise me how I should apply for judgement after I have given the required 14 days notice. Obviously I need legal representation. Should I arrange this now or take smaller private steps first.
Expert:  Ash replied 1 year ago.
You can issue proceedings here. You would need to ask for the money back first and then if you issue proceedings get help then. However when you give the 14 days ask for a voluntary charge on the property, that may resolve it for everyone.
Customer: replied 1 year ago.
Ok that sounds reasonable. I do not want to go to court if I canossibly avoid this. This is my daughter we are talking about after all.
Expert:  Ash replied 1 year ago.
Indeed. Ask for the charge, that seems the best way.
If this answers your question could I invite you rate my answer before you leave today.
If the system won’t let you please click reply.
Please bookmark my profile if you wish for future help:
Customer: replied 1 year ago.
One more thing. Do I involve her husband. Yes I will rate your answer. You have been very helpful.
Expert:  Ash replied 1 year ago.
No, its just her you lent the money to, not him.
Does that clarify?
Customer: replied 1 year ago.
Yes but he is co owner of the apartment
Expert:  Ash replied 1 year ago.
Doesn't matter.
Customer: replied 1 year ago.
Ok thanks a lot. Have a good day.
Expert:  Ash replied 1 year ago.
And you! Please remember to rate before you go.
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