The UK's largest and most visited divorce site.
Modern, convenient and affordable services.

We've helped over 1 million people since 2007.

 
Click this button for details of our
email, phone nbr and free consultations.
 

Borrowing from family

  • alberta
  • alberta's Avatar Posted by
  • New Member
  • New Member
More
05 Aug 13 #403353 by alberta
Topic started by alberta
I''m borrowing money from a family member to pay off my ex. The agreement is that they then ''own'' X% of the house, to be paid back when it''s sold, no deadline. The house is mortgaged, but there is adequate equity to cover this.
We want to put this in writing between us, would I need to see a solicitor to draw this up or could we just put it on paper ourselves?
We have the Nisi, are doing the Consent Order at the moment and Absolute is the end of this month.

  • Gillian48
  • Gillian48's Avatar
  • Platinum Member
  • Platinum Member
More
05 Aug 13 #403355 by Gillian48
Reply from Gillian48
Not sure if you can do it yourself but I think it''s called a declaration of trust - if set up through a solicitor I know fees vary but I had one done it cost approx £100 - in the scheme of things I guess it was worthwhile as I''m not sure if you draw a document up amongst yourselves how this would hold up legally??? I''m not an expert and this information is only given on my experience - I''m sure someone will correct me if I''m wrong!

Moderators: wikivorce teamrubytuesdaydukeyhadenoughnowTetsSheziLinda SheridanForsetiMitchumWhiteRoseLostboy67WYSPECIALBubblegum11

Do you need help sorting out a fair financial settlement?

Our consultant service offers expert advice and support to help you reach agreement on a fair financial settlement quickly, and for less than a quarter of the cost of using a traditional high street solicitor.

 

We can help you to get a fair financial settlement.

Negotiate a fair deal from £299

Helping you negotiate a fair financial settlement with your spouse (or their solicitor) without going to court.


Financial Mediation from £399

Financial mediation is a convenient and inexpensive way to agree on a fair financial settlement.


Consent Orders from £950

This legally binding agreement defines how assets (e.g. properties and pensions) are to be divided.


Court Support from £299

Support for people who have to go to court to get a fair divorce financial settlement without a solicitor.