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chatham-chamber
chatham-chamber, Advocate
Category: Law
Satisfied Customers: 13404
Experience:  LL.B, Pg.Dip, LL.M, M.B.A (Pending), 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

chatham-chamber and other Law Specialists are ready to help you
Customer: replied 11 days ago.
Do I need to employ a solicitor or can I prepare these documents myself. I have formats.
Customer: replied 11 days 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