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JGM, Solicitor
Category: Scots Law
Satisfied Customers: 13958
Experience:  30 years as a practising solicitor.
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I am about to give my daughter £15,000 deposit to my daughter

Customer Question

I am about to give my daughter £15,000 deposit to my daughter to allow her and her partner to buy a house. How do I protect her deposit should things not work out and the house is sold?
Submitted: 3 years ago.
Category: Scots Law
Expert:  JGM replied 3 years ago.
Thank you for your question.
The best way to deal with this is for you to take a second security over the property for the sum of £15000. That means that if the property is sold you would have to be paid the £15000 back after the main lender is paid.
The solicitor dealing with the purchase can be asked to do this.
I hope this helps. Please leave a positive response so that I am credited for my time.