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Aston Lawyer
Aston Lawyer, Solicitor
Category: Law
Satisfied Customers: 10547
Experience:  Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
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I am lending £20k to a friend which will enable her to move

Resolved Question:

I am lending £20k to a friend which will enable her to move in to a bungalow bought for her retirement. I need a form of words for a deed that will declare a 10% interest in the property held in trust for me by her.
Submitted: 1 year ago.
Category: Law
Expert:  Aston Lawyer replied 1 year ago.

Hi, thanks for your enquiry. I would of course recommend that a Solicitor deal with this for you, to make sure that your financial interest in the property is properly secured, but if you wish to do it yourself, the Declaration of Trust should read- I, xxx of xxxx hereby declare that I hold my property known as***** Anytown upon trust for myself and my friend xxxx so that the proceeds of Sale should be divided so that I am entitled to 90% and my friend xxx 10%. This Deed will need to be signed by your friend and witnessed, in front of a non family member who should sign their normal signature, print their full name and address. You should NOT act as the witness. The Deed should also be dated. In order to protect your interest securely, you should register what is called "a Restriction" on your friend's Deeds. You can do this yourself, by completing the Land Registry Form- RX1. You can download a copy of this Form from the Land Registry and they have information as to what you should put on the Form. I hope this assists and answers your question. If I have helped, I would be grateful if you could rate my answer. Kind Regards Al

Aston Lawyer and 2 other Law Specialists are ready to help you
Customer: replied 1 year ago.
Thank you, ***** ***** I acknowledge your recommendation that I consult a solicitor. So as not to upset her partner who has mild dementia and is unreasonable, I wish to hold off registering the Restriction at the Land Registry. Can I do so indefinitely, or is there a time limit from date of signature of the Declaration of Trust?
Customer: replied 1 year ago.
I appreciate this last question may take time to answer. I also appreciate your initial response. I understand fully that delaying registration of the Restriction is not in my interest. But then, neither is lending £20k that I won't see again any time soon. But she's an old family friend that I have known since I was a child, and this will make a difference to her. I anticipate your reply to my email address, and will now close the exchange and provide a rating.