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Family member to lend money for deposit - agreement to sort out.


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Hi all.

A very kind family member has offered to lend nearly all my wife and I need for a deposit on a house. We all feel that some sort of agreement needs to be drawn up.

Please can anyone offer any advice on this?

Thank you.

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https://www.moneyadviceservice.org.uk/en/articles/should-you-borrow-from-family-or-friends

 

 

We see many falling outs over money loaned to family/friends. So yes, you do need to have something put in writing to protect both of you.

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PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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Thank you, that is interesting. However, it doesn't really answer my question about an agreement. Should this be a legal document written by a solicitor, or is there a generic template anywhere?

Thank you again.

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Thank you, that is interesting. However, it doesn't really answer my question about an agreement. Should this be a legal document written by a solicitor, or is there a generic template anywhere?

Thank you again.

well, you didn't specifically ask that q in your initial post :)

IMO

:-):rant:

 

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Thank you, that is interesting. However, it doesn't really answer my question about an agreement. Should this be a legal document written by a solicitor, or is there a generic template anywhere?

Thank you again.

 

We dont have anything on CAG, however, yes - It would be in both your interests to at least have a solicitor look over whatever you agree between yourselves.

Have we helped you ...?         Please Donate button to the Consumer Action Group

 

Uploading documents to CAG ** Instructions **

 

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

 

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy - HERE

2: Take back control of your finances - Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors? Read Here

4: Staying Calm About Debt  Read Here

5: Forum rules - These have been updated - Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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:)

Have we helped you ...?         Please Donate button to the Consumer Action Group

 

Uploading documents to CAG ** Instructions **

 

Looking for a draft letter? Use the CAG Library

Dealing with Customer Service Departments? - read the CAG Guide first

 

1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy - HERE

2: Take back control of your finances - Debt Diaries

3: Feel Bullied by Creditors or Debt Collectors? Read Here

4: Staying Calm About Debt  Read Here

5: Forum rules - These have been updated - Please Read

 

 

BCOBS

 

2: Does your Bank play fair - You can force your Bank to play Fair with you

3: Banking Conduct of Business Regulations - The Hidden Rules

4: BCOBS and Unfair Treatment - Common Examples of Banks Behaving Badly

5: Fair Treatment for Credit Card Holders and Borrowers - COBS

 

Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

PLEASE DO NOT ASK ME TO GIVE ADVICE BY PM - IF YOU PROVIDE A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER ADVICE THERE:D

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Thread moved to General Legal Issues

 

Regards

 

Andy

We could do with some help from you.

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