How do I document a loan made by me to my Mother to assist her in buying a property.?
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I wish to lend my mother c拢20,000 to assist with a property costing 拢275,000. I wish it to be secured by a mortgage on the property, not because I don't trust my mother, but so that on death (she is 77) the mortgage will be repaid from the estate and that share of the house will not become part of the Inheritance Tax trap.
I would prefer not to involve a solicitor in drawing up the mortgage deed and would happily use a form available over the internet, if such a thing exists. My aversion to using a solicitor stems from the fact that it will have to be independent of the solicitor she is using for her sale and purchase and just adds to the already considerable costs of the move.
How do I go about registering the charge and does this have to be done at the time the money is lent? That is on purchase.
If I cannot resolve this then I will lend the money unsecured but envisage problems with the tax authorities when I reduce the value of the estate by 拢20,000 +interest.
Many thanks.
How do I document a loan made by me to my Mother to assist her in buying a property.?I am in the U.S., so I am not familiar with procedures there. However, I know that where I live, some city, county and state officials do not recognize some forms purchased from the internet. They often have certain requirements that most online forms do not fulfill. If you go the online route, check with the appropriate officials to make sure that the form you use will be recognized.
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