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Returning money owed ( 50K)to family member - advice needed please

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  • Returning money owed ( 50K)to family member - advice needed please

    Hi,
    I would like some advice.

    My brother gave me around 50K to help me buy my first property a few years ago.
    He would now like the money back, I am in a position to return his money.

    The conveyancing team at the time asked him to write a letter stating that the money is a gift repayable upon sale of the house.

    I was planning on returning the money and asking my brother to sign a document to acknowledge receipt of his money and to confirm there are no further outstanding payments to be made to him in the future. I am not planning on selling the house.

    How would I go about preparing such a letter such that it is recognised as a valid legal document?
    For example, is there a legal process through which this takes place, or does this document have to be signed in front of a certain type of witness?

    Many thanks
    Tags: None

  • #2
    No formality is required.

    I am not sure what a repayable gift is, but hey . .

    Comment


    • #3
      Originally posted by dslippy View Post
      No formality is required.

      I am not sure what a repayable gift is, but hey . .
      Thanks.

      I was more interested in creating a legal document in case there is a legal dispute in future. For example, if there is a divorce/claim on house/claim that money was not repaid partially/completely etc.

      Comment


      • #4
        If you really want to, you can instruct a solicitor to draft a deed of acknowledgement and release.

        I agree that this is unnecessary, however.
        Lawyer - retired from practice, now in academia. I do not advise by PM.

        Comment

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