Money lent

givememoney

Lover_of_Lycra said:

Does the neighbour want the new fence? 

Of course

givememoney

enthusiasticsaver said:

Presumably it is a shared boundary so you are splitting the cost 50/50? If you want to ensure your estate gets the money back then you need a written loan agreement but that is only any good if your executors are willing to  go to court to enforce it.  What are the arrangements for her to repay?  At 70 that does not mean you are on your last legs so entirely possible she will repay the £1500 in your lifetime. 

It is between our 2 gardens but the fence is hers, not ours, we own the fence on the opposite side.

cymruchris

givememoney said:

enthusiasticsaver said:

Presumably it is a shared boundary so you are splitting the cost 50/50? If you want to ensure your estate gets the money back then you need a written loan agreement but that is only any good if your executors are willing to  go to court to enforce it.  What are the arrangements for her to repay?  At 70 that does not mean you are on your last legs so entirely possible she will repay the £1500 in your lifetime. 

It is between our 2 gardens but the fence is hers, not ours, we own the fence on the opposite side.

So let’s say the £3k gets split into two - what payment are you proposing they make? £100 a month? Have you discussed how it’ll be paid back and over what time scale? 

Nobody knows when we’ll go -  but if you’re both relatively healthy - fingers crossed you’ll be around for a while yet - but when your time comes - is it worth arguing and trying to recover what might be by then no more than a couple of hundred pounds ?  Will your family want that extra hassle? 

I can understand you want to get your money back while you’re both still alive - but when you’re both passed - do you really want your family to be chasing your neighbour for the sake of what might be a relatively small amount of money in the grand scheme of things?  

You of course have every right to put something in place to recover the money - that’s very much your prerogative - but it could also be one less thing for the family to worry about once you’ve both passed for what might be next to nothing. 

Unless you’re putting the term of the £1500 over something silly like ten years - there’s a very strong chance if you’re both in reasonable health that you’ll be here way past the time your last payment is received anyway. 

givememoney

In the grand scheme of things she would be paying to replace her fence ,(not ours) which is in very bad condition and falling down in places. She is unable to pay for a new one. We are on very good terms with her and have been for years, that is why we said we would pay and she can pay us back. We don't plan on asking her to pay what she can't afford. When the job is done, we'll come to an arrangement for a monthly sum which she'll find affordable no pressure from us. We are giving her an opened ended time scale to pay this back with no interest to pay, so feel if we were to die before the final payment, our family would be entitled to that money, whatever it might be.
 

MalMonroe

givememoney said:

In the grand scheme of things she would be paying to replace her fence ,(not ours) which is in very bad condition and falling down in places. She is unable to pay for a new one. We are on very good terms with her and have been for years, that is why we said we would pay and she can pay us back. We don't plan on asking her to pay what she can't afford. When the job is done, we'll come to an arrangement for a monthly sum which she'll find affordable no pressure from us. We are giving her an opened ended time scale to pay this back with no interest to pay, so feel if we were to die before the final payment, our family would be entitled to that money, whatever it might be.
 

You sound like very kind and lovely people. If you want your family to be able to reclaim the money you will need to have some sort of formal agreement because, who knows? She could say that she's paid it all off. Whether she has or hasn't. But surely you're not going to pass away together? (I hope not anyway!)  And it's only £1500. It could be that your neighbour is never in a position to pay you back. As my very wise Mum used to say "don't lend anything you are not prepared to lose" - whatever it may be - money, garden tools, anything. You could lose out, there's always that risk. If you are prepared to take the risk, that's up to you. Your family may be 'entitled' but they may not receive anything. Your neighbour may not even be living next door by the time you go.  

Bob~24601

Sorry I know this isn't an answer to your actual question. But you say it's her fence to maintain and that it's £3k to replace, but is all the work as minimum scheme? As in would it cost much less to just replace like for like? If so who is requesting the higher works you or her? If its you, I can't see why she needs to pay half of it.

If you both want the upgrade then I agree it's fair to do half each. 

Ps you sound a very nice neighbour, wish you were ours (not to pay for a fence, but just that it be nice to have a friendly neighbour) 

givememoney

Some people are saying the cost is £1,500 don't know where this has come from it is nearer £3,000.
We spoke with her and it was agreed the old fence with its wooden posts wasn't really any good as we have wicked winds that blow across the gardens here and she needs concrete posts and gravel boards. 

dresdendave

givememoney said:

When the job is done, we'll come to an arrangement for a monthly sum which she'll find affordable no pressure from us. 
 

Wouldn't it be better to decide on the repayment terms before the job is done? What if she says she will pay you £1 a month? 

HobgoblinBT

You should agree terms in writing before proceeding to replace the fence and if she breaks the agreement expect to loose the money or loose a friend.  This sounds like the back story to an episode of Judge Rinder.  

If you really want to be a friend, just install your own fence at your own expense to the benefit of both households.  It may be the best long term solution.

givememoney

HobgoblinBT said

If you really want to be a friend, just install your own fence at your own expense to the benefit of both households.  It may be the best long term solution.

We are working along these lines