Even within a family, or possibly especially within a family, it is wise to ensure that the terms of a loan are clear. It is important to ensure that all parties understand that the loan is not a gift, even if it might become one at a later date.

The terms of the loan can be set out in a Loan Agreement. This would cover  of the loan including the length of time before the capital is meant to be repaid, a specified repayment date, the amount of the repayments and what would happen in the event of a default. Other topics which might need to be addressed include who would pay any additional costs incurred, what would happen in the event of severance and or a wish from either party to amend the terms.

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If you can’t find the information you are seeking or just want a fuller explanation please call us. We have a number of offices in and around London that may be convenient for you to contact but we will be able to help wherever you are based.

  • London
    London City office: 020 7481 2422
  • Bromley
    Bromley office: 020 8464 4242
  • Surrey
    Surrey office: 01483 284567
  • Sevenoaks
    Sevenoaks office: 01732 457575
  • Chislehurst
    Chislehurst office: 020 8295 1989