• Create A Legal Document To Get Pack Equity Loan On Sale Of The House

    By Guest on 06th Mar 2020

    Hi,

    I gifted my son the deposit on his house and signed a document to say that this does not need to repaid. I was wondering is there a legal document that will state that the loan will only be repaid back on sale of the property?

  • 2 Answers

    By NotaryExpress on 07/03/2020

    You might be thinking of a loan agreement or a private legal charge. These can only be registered on the property though with the lender's consent. Furthermore if it's the same money you gifted I'm not sure it would be enforceable having a legal charge for money you already gave as a gift.

    www.notaryexpress.co.uk

  • By Guest on 22/03/2020

    It is possible, with your son's agreement, for him to sign a trust deed, whereby he agrees to hold the property on trust for himself and you on term that you are entitled to £X from the sale proceeds when the property is sold. It would have to take the form of a deed and not merely a contract however as he would be gifting you a share in the proceeds of sale - it can't be in return for the money you put toward the purchase as you have already declared that this was a gift

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