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JGM, Solicitor
Category: Scots Law
Satisfied Customers: 12088
Experience:  30 years as a practising solicitor.
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Hi there - my father is married to a young Russian woman and

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Hi there - my father is married to a young Russian woman and it would appear that they have money problems. My father has asked to borrow GBP40,000 from me to help them get back on their feet since at his age (75) he cannot get a loan. He has offered to pay us back at GBP3000 per month and my husband and I are agreeable to this. However we pointed out to him that if anything should happen to him we do not know how the money would get paid back so we would need an assurance in writing that his wife would honour this debt in the event of sale of their house etc.
My question is does this written assurance letter have to be writtten by a solicitior since this will cost a lot of money that neither party has? Or is it legally binding if he writes us a letter detailing the loan and proposed methods of repayement etc. and signed by both of them? We live in Scotland hence I requested a Scots law answer in case that changes things.
Thank you for your question.

For that amount of money, this has to be done properly. You father should be signing a personal bond acknowledging to have borrowed the £40000, undertaking to repay it at £3000 per month and binding his executors to repay the amount outstanding in the event of his death.

In addition you should take a security over his house in the same way that a mortgage lender would.

Were a solicitor to do this for you it would cost in the region of £500. You would have the comfort that it is done properly and that you are protected. That is money well spent from your point of view.

I hope this helps. Please leave a positive response so that I am credited for my time.
Customer: replied 3 years ago.

Thank you so much for your reply. Just a couple of clarifications if I may.


Is there no way we can construct such an agreement that would be legally binding between ourselves?


They need the money quickly and my husband and I live abroad so getting to a UK solicitor is not an option. Is this agreement something that can be done via email? We can fax signed documents to the UK or DHL them - but the latter takes time.


Your thoughts?


Many thanks in advance.



You could probably hash together a personal bond yourself but the security has to be done by a solicitor.

It can't be done by email or fax but the signature is that of your father not the two of you so there is no reason why you can't contact a solicitor in Scotland and provide instructions. That bit can be done by email. The solicitor can then prepare the paperwork and your father can go in and sign it. You can even pay the solicitors bill over the phone nowadays.

For the avoidance of doubt I do not recommend that you do this yourself as it is not just a letter and you need to protect your position by having it done correctly.
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