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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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My parents have a promissory note drawn up by a solicitor.

Customer Question

My parents have a promissory note drawn up by a solicitor. They lent an family member 50% of the cost to buy his own property. The note states that he promises to pay the loan back within 20 years or if he should sell or die before that time the debt would be paid from his estate. It states that interest will be paid on the loan at 15% pa - the rate relevant at the that time and will accrue. Nothing has been paid to them at all, time has passed and it is 27 years since the note was signed. Is the note still legally binding? Can my parents still claim what is owed to them? Or is the note worthless due to the time elapsing?
Submitted: 1 year ago.
Category: Law
Expert:  Ash replied 1 year ago.

Hello my name is ***** ***** I will help you.

How much was lent please?
Alex

Ash and 2 other Law Specialists are ready to help you
Customer: replied 1 year ago.
163;6,600 in 1989.The note says that he agrees that from that date interest at the rate of 15% pa shall accrue and be added to the sum of £6.600 received today. The note was drawn up by a solicitor. This was done a a precaution for my parents as the family member made a will stating they would receive 50% of the property upon his death. Obviously this could be superseded.
Customer: replied 1 year ago.
Not sure if my original credit transaction has been processed, accept this offer and pay again?
Customer: replied 1 year ago.
My number is ***** 057022
Expert:  Ash replied 1 year ago.

Calling now. Alex