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INC Law
INC Law, Solicitor-Advocate
Category: Law
Satisfied Customers: 14312
Experience:  LL.B, LPC, LL.M, Pg.Dip, Solicitor-Advocate. UK Practising Certificate issued by SRA., DIFC Courts Registered (Dubai)
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My son is buying a flat primarily using funds provided by

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My son is buying a flat primarily using funds provided by me. Purchase price is £345K of which I intend £200K to be a gift and £100K as a loan. The loan would be a no obligation to re-pay although I expect him to do so. Consequently I would have no charge over the property. I intend to prepare 2 letters, one confirming the gift and one a no obligation loan. I will also provide ID and info on source of funds for AML. Does this sound OK and what legal input do I need please?
JA: Where is your son? It matters because laws vary by location.
Customer: West London
JA: What steps has your son taken so far?
Customer: About to employ conveyancing solicitor
JA: Anything else you want the Lawyer to know before I connect you?
Customer: Don’t think so

Hi,

Thank you for your query. What you are providing seems sufficient. You may also wish to consider that the Conveyancing solicitor prepare a deed of trust which states that the sum of 100k is to be given as a gift and repayable in the even the property is sold.

I hope this answers your question. If so, kindly rate the answer and provide feedback.

If you have any further questions, please do not hesitate to ask.

many thanks

INC Law and 4 other Law Specialists are ready to help you
Customer: replied 3 months ago.
Do I need to employ a solicitor or can I prepare these documents myself. I have formats.
Customer: replied 3 months ago.
Don’t need to call. Thanks

Hi,

You can prepare the documents yourself and do not necessarily need a solicitor to do so.

I hope this answers your questions. If so, kindly rate the answer and provide feedback.

If you have any further questions, please do not hesitate to ask.

Many thanks