As the property has only just sold, presumably you are waiting for the conveyancing process to complete. Is that we only delay?
It appears that you admit borrowing the money and you admit that you agreed to pay him back and hence, it doesn’t matter whether you have a written agreement or not, a verbal agreement is binding provided there is no dispute over the substance of the agreement which there doesn’t seem to be.
However even if he would issue legal proceedings this week, it would be months before this got to court. What you might want to do is get your solicitor to write to him telling him that house has been sold, but it’s awaiting completion and that the solicitor will send the money to him when the matter completes.
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He can only claim interest from when he demands repayment or from when the original payment was due unless there was an agreement that the loan would bear interest also.
In this case, that would mean that he can only claim interest from when he asked for repayment because there was no provision for the loan to be repaid
That is correct.
No interest was ever discussed or asked for and no repayment date was mentioned and hence, the repayment date would be whenever he asked for it which is now.
It’s not guaranteed that he would get interest and you would have course oppose any claim he makes for it but what you have is the general legal situation. Would be up to the judge whether it was awarded or not.
If he he previously said that he would accept payment when the property was sold, then you can hold him to that.
I am pleased to have helped.