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The bank of Mum and Dad

03-05-2017

Research out this week from Legal & General reveals that the bank of mum and dad will help to finance 25% of all UK mortgage transactions this year at an average of £17,500. This is of particular interest to those that have already, or that are likely to offer financial support to an adult child to finance buying a home or other large investment. In instances where relationships sour between a parent and child or ex-partner of an adult child this can lead to significant disputes. Such disputes can be protracted, costly and distressing.

In our experience this can be devastating for those involved and we are experienced at handling such disputes whether between family members or ex-partners.

Our involvement ranges from before the event, for example a Trust Deed should almost always be put in place where there is a loan from parents for a house purchase. If the child marries or cohabits, it is possible for the loan to be taken into account in a pre-nuptial or cohabitation agreement. You might want to consider Inheritance Tax planning, to recognise life time loans, we are also able to help with a range of after the event Litigation.

Our experts in are always on hand to talk through any concerns you might have. Contact us today for more information.

TLATA and Deeds of Trust by Jade Hinks, Trainee Solicitor in Dispute Resolution Team

Inheritance Protection

Family

Dispute Resolution

Click links for more info:

Legal & General research report

BBC article

Financial Times article

 


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