Free Legal Forms

AWOL_2

Hi

Is there any websites where you can download free legal forms? Save cost of going to a solicitor?

I am lending a friend some money to help him buy a house, but wish him to sign a promissory note, where by upon demand he has to pay it back. I need this assurity as no one knows what will happen in the future. He is happy to sign and so is his wife (the one i probably dont trust) but wondered what the best way would be to seccure this borrowing.

Thanks

DocProc

Have a look at

http://www.compactlaw.co.uk/

Try inserting 'Loan' in the search box and then click 'Go'.

You'll get:

Results 1-3 of 3

1. Loan Agreement (Business Agreements) £24.99

2. Loan Agreement with Guarantee (Business Agreements) £24.99

3. Loan Agreement with Security (Business Agreements) £24.99

I hope that helps.

digerati

I'd pop into a local Citizen's Advice Bureau for info on free legal services in your area. Most of the templates available online need to be customized to suit your particular needs especially when lending a house deposit to a couple.

You should aim to be a secured creditor ahead of the bank, otherwise should the housing market collapse, one of the borrowers go bankrupt, dies suddenly, become unemployed, etc. you'll be in line behind the bank for repayment.

If you can't afford to lose the money and/or friendship then you might want to reconsider making a loan. Lending money to friends or family is one of the biggest sources of aggravation.

Hugeass304

Why are you lending them the money? If it's because they can't get a loan through the normal channels, you have to ask yourself if this is a good idea. Lots of places will lend 100% of the value these days, some even lend 110%.

Unless you can afford to lose it, don't lend money to friends or relatives

SalsaDanca

Some building societies, such as Cheltenham and Gloucester, will allow you to offset your savings against a friend's mortgage.

This means that instead of lending the money to your friend, you would put it in a savings account at C&G. Your friend gets an offset mortgage at C&G, and you ask them to link the accounts. You don't earn any interest on your savings, but your friend pays less interest on their mortgage, so in effect you have given the friend an interest-free loan to reduce his mortgage. The important difference is that your money remains in your savings account, so you know it is safe and you can get it back whenever you want.

Regards,

Rob