Friend lending money to buy property – how can I set it up legally?Make Text Bigger
Hi, I am buying a flat as a cash buyer through a LTD company. As I cannot raise enough cash myself, I have asked one of my friends to lend me the money (half of the cash buy + stamp duty + renovation + solicitor costs).
We decided that as soon as the building works are finished, I will get a mortgage on the flat, hopefully the new valuation will be much higher than the total spend.
I will then reimburse him and pay him a share of the increase in value.
Does anyone know how I legally put this in place?
I.E what kind of paperwork, what kind of lawyer do I need?
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