Hi all,
My client is set to inherit from her mother and wishes to instead vary mother’s will and pass down a significant chunk to her own daughter, to enable daughter to buy a flat.
We’ve around 4-5 months before the 2-year time DoV limit runs out.
Daughter’s flat purchase is fast approaching, and granny’s estate isn’t in a position to distribute /advance her soon-to-be share. My client therefore wants to make the gift early (£100k) but we don’t want this to be deemed a PET, so I’m thinking a simple loan note could make it clear. Daughter could then receive her £100k from granny at the finalisation of the latter’s estate, and pay mother back.
However, any such loan may then be in breach of the mortgage terms as most lenders want to see a deed of gift! Said deed of gift suggests it’s a PET!
Has anyone dealt with this situation before? Would be grateful for your thoughts.
Many thanks.
Georgina Crane Sinha
Calibrate Law