Bequeathed a discounted property - loan required

[Blue123]

Elderly relative bequeathed in will from a friend a discounted price option to purchase a property plus a small lump sum. I want to loan my relative the money to purchase it and she will then sell it on. When it is sold she will repay me. The property has been valued by a registered surveyor and a figure provided. Can I make a simple payment to my relative account direct or to the solicitors account or do we have to get solicitors separately?

[Pezza54]

This sounds risky
Is the solicitor going to draft a formal loan agreement secured on the property? The agreement should cover all possibilities
For instance what if your relative died soon after you paid money into their account before the property was sold. Your loaned money would become part of her estate
The property should be adequately insured. There are risks though that are not covered by buildings insurance
The property may take longer than expected to sell and not achieve the surveyor's valuation

[atticus]

I agree that you would be well advised to ensure that the documentation properly protects your interests. One way would be to take a charge over the property.

[Blue123]

That is a good suggestion Atticus to take a charge and makes great sense - particularly as my relative is over 90 and has children