The bank of mum and dadThe 'bank of mum and family, how many peopleconsider the implicationsof the future break downof their relationship?Unless formaldocumentation is drawnup confirming that suchfinancial assistancefrom family has beenprovided by way of a loanrather than a gift, familymembers providing suchfunds face the risk thatthey will not get theirmoney back and that evenworse the ex, will walkaway with half.There are relativelysimple legal steps whichcan be taken at the time ofdad' has become commonparlance. It has probablyalways been aroundin some form but hasincreased in prevalenceover recent years withyoung couples strugglingto get on the housingladderWith house priceincreases far outstrippingaverage earnings growth,mortgage lenderstypically requiring asubstantial deposit to bepaid and the increasinglevels of student debt,many young people havelittle alternative but toask family for financialassistance when buying apropertyWhen buying a housejointly as a couple withfinancial support fromThe time and cost ofsuch arrangementsare considered to beworthwhile in the interestsof having certainty andavoiding the risk ofprotracted and expensivefamily disputes aboutpurchase of a property tomake sure that this does property rights in thenot happen. These includea formal loan agreement,declaration of trust and a about the best option forpre nuptial agreement.you, please get in touch.future.If you would like adviceLangleysWilliam Kaye, Partner, Langleys Solicitorswilliam.kaye@langleys.conm01904 610886

Date: 12 September 2017

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The bank of mum and dad The 'bank of mum and family, how many people consider the implications of the future break down of their relationship? Unless formal documentation is drawn up confirming that such financial assistance from family has been provided by way of a loan rather than a gift, family members providing such funds face the risk that they will not get their money back and that even worse the ex, will walk away with half. There are relatively simple legal steps which can be taken at the time of dad' has become common parlance. It has probably always been around in some form but has increased in prevalence over recent years with young couples struggling to get on the housing ladder With house price increases far outstripping average earnings growth, mortgage lenders typically requiring a substantial deposit to be paid and the increasing levels of student debt, many young people have little alternative but to ask family for financial assistance when buying a property When buying a house jointly as a couple with financial support from The time and cost of such arrangements are considered to be worthwhile in the interests of having certainty and avoiding the risk of protracted and expensive family disputes about purchase of a property to make sure that this does property rights in the not happen. These include a formal loan agreement, declaration of trust and a about the best option for pre nuptial agreement.you, please get in touch. future. If you would like advice Langleys William Kaye, Partner, Langleys Solicitors william.kaye@langleys.conm 01904 610886

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