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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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I am lending a huge amount of money to my aunt and uncle and

Customer Question

i am lending a huge amount of money to my aunt and uncle and I want this documented for personal reasons.
Submitted: 1 year ago.
Category: Law
Customer: replied 1 year ago.
I just want to cover myself and want to know what type of agreement I should draw up. A date has been given when I will receive the money.
Expert:  Ash replied 1 year ago.
Hello my name is ***** ***** I will help you.
This is a question and answer site - what is it you would like to know please?
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience: Solicitor with 5+ years experience
Ash and 3 other Law Specialists are ready to help you
Customer: replied 1 year ago.
Hi AlexI Just want to know what document do I use to put this personal money agreement on as it is a huge amount of money.
Customer: replied 1 year ago.
I really need this information as I have to transfer the money over tomorrow.
Customer: replied 1 year ago.
Hello Alex where is your message?
Customer: replied 1 year ago.
Waste of time - I need this information I will figure it out myself - waste of money.
Expert:  Ash replied 1 year ago.
Do you have a number we can speak on?
Expert:  Ash replied 1 year ago.
Are you able to respond?
Expert:  Ash replied 1 year ago.
Ok. What you can do is this. You need a contract saying who you are, who is he, how much the money is for, what he is going to use it for (if necessary).

Then you need to specify how it will be repaid and if it is for example monthly, if he defaults, does the whole amount become due?

You also need to set out what happens in the event of a breach, ie do you give 7 days to remedy, what happen if things go wrong and that the agreement is governed by the law of England Wales.

If he has property then you could also ask for a charge on that. That would mean the loan is secure and then in the event of default you could force a sale on the house. To do this he would need to consent to a charge and you would need to complete form RX1:

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/449840/RX1.pdf

Does that help?

Alex

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