Conveyancing solicitors Chichester news – Family loans caution
However, against this background, residential conveyancing solicitors in Chichester, as well as in the wider UK, are keen to emphasise the potential pitfalls of such arrangements, particularly because familial financial assistance frequently comes in the form of an informal loan.
One specialist, a member of the Law Society’s Conveyancing Quality Scheme (CQS), comments, “Handing over a large amount of money, which could be life savings, with no legal structure in place is a minefield.
“Circumstances can change drastically. Couples buying their first home might borrow from their parents when they buy, but what happens if they subsequently separate? There are potential problems in relation to who owns what which raises the prospect of disputes.”
As such, say the experts, anyone looking to buy in Chichester, whether as a co-ownership arrangement or otherwise, should seek the advice of a residential conveyancing solicitor in Chichester before proceeding with the purchase.News