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propertylawyer
propertylawyer, Solicitor
Category: Law
Satisfied Customers: 288
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: 1 year ago.
Category: Law
Expert:  propertylawyer replied 1 year 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 1 year 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 1 year 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: 288
Experience: Property Solicitor with expertise in commercial and residential property transactions.
propertylawyer and 3 other Law Specialists are ready to help you
Expert:  Clare replied 1 year 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 1 year 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 1 year 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 1 year 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