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Hi, do you have any written agreement drawn up at the moment? Do you already have a Mortgage on your property? I look forward to hearing from you. Al
Hi Diane, thanks for your reply. Well, you would need to instruct a UK Solicitor, as the agreement is in respect of UK property. What would normally be done in these circumstances is that you enter into a Declaration of Trust, stating that you will pay to your friend £x amount upon sale of the property. If your friend were to pass away before any sale, this Declaration would remain in force and the money due under it would become payable to his Estate (ie his children). Hence, you don't need to enter into an agreemen with your friend's children- an agreement between you and your friend will be sufficient. To give your friend the protection he will no doubt want, he can also enter a Restriction which would be registered against your property at the Land Registry. This gives your friend the ultimate protection, and means that no sale of the property can proceed without his or his his Estate's consent (meaning that this consent would only be given if you were to pay to your friend or his children the monies due under the Declaration. This process is pretty straight forward and standard, and you shouls consult a local Conveyancing Solicitor to prepare the necessary paperwork. I hope this assists and answers your question. Please let me know if you require any further clarification. If not, please don't forget to rate my answer, if I have helped you. Kind Regards Al