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propertylawyer
propertylawyer, Solicitor
Category: Law
Satisfied Customers: 280
Experience:  Property Solicitor with expertise in commercial and residential property transactions.
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I need some advice please. I helped my friend with

Customer Question

I need some advice please. I helped my friend with purchasing a property by paying him a deposit. The solicitors used that as a gift but it was more like a loan. I wanted to have trust deed set up to protect this and when I asked the solicitors they informed me that they cannot act as it was conflict of interest and I need to engage someone else. I follow that part. She also said once done I have to send to them for their approval and the lenders approval.
So my question is if I did not follow her advice and created a Trust Deee which my friend signs and we file it in court, do I have a legal claim if thing go pear shape later.
Many thanks
Devesh **********
Submitted: 11 months ago.
Category: Law
Expert:  propertylawyer replied 11 months ago.

Get it properly drafted to protect your interests. Also I doubt the solicitor and lender will accept a diy job.

Just think if it does go pear shaped it will most likely be you who loses out. It is you money.

Go a step further and insist that a restriction is put on the title in your favour. This way any future dealing will require you written consent. So if it is a term that the money is repaid on sale a sale will not be registrable without your consent which is conditional on repayment.

Any questions or queries in relation to my reply? I am happy to assist further.

Please can I kindly request that you accept /positive rate my reply otherwise the website will not pay me for assisting you today. Many thanks.

Customer: replied 11 months ago.
Hi, thanks for your input.
Will the lender have any issue with the trust deed or they have to accept it as it is agreed between the parties- Buyer & Myself
Are you in a position to set up a trust deed as per your recommendation?
If so please let me know your fees and how we can go about setting it up.
Expert:  propertylawyer replied 11 months ago.

The lender would want to see a proper and professionally drafted deed. It will then be assured that there are no issues with it.

Sadly, this is only a question and answer service. My suggestion would be to Google solicitors local to you and to ring up a couple, chat about the matter and get an estimate. It should not be too expensive to draft.

propertylawyer, Solicitor
Category: Law
Satisfied Customers: 280
Experience: Property Solicitor with expertise in commercial and residential property transactions.
propertylawyer and other Law Specialists are ready to help you
Expert:  Clare replied 11 months ago.

MY name is ***** ***** I have been a solicitor for more than 30 years.

To add to the above.

In fact all you need to do is have the Declaration of Trust drawn up by a separate solicitor and sign it after the purchase has been completed.

You will not need to have it approved by the Lender or the Solicitor - it is nothing to do with them - your interest will come AFTER the mortgage in any event.

Customer: replied 11 months ago.
Hi Clare, It seem the other solicitor gave me incorrect advice as I thought it was strange that he wanted me to do a trust deed and have it approved by other solicitors and the lender. I have had other such deeds set up similar to this and that did not require any such approval.
If you are happy to do such a Declaration of Trust then please let me know and I will engage your services.
Many thanks
Expert:  Clare replied 11 months ago.

We are not allowed any contact outside of this site.

I can send you a premium request with a quote - but it will also need a phone call via the site I am afraid.

Alternatively any local conveyancer would be able to assist!

Customer: replied 11 months ago.
Ok Clare, please send me a premium request quote to set up a Trust Deed. I agree for you to call me, my number is *****
Many thanks
Devesh Patel