My partner purchased a house in 2003 my parents loaned him 25k but named us both on the agreement as jointly liable individuals 25K – we signed a formal loan agreement from solicitors agreeing to pay 8% interest P/a until repaid. We rented rooms in that property paid tax etc and deducted the interest that we were charged on his tax return.
In 2006 I subsequently purchased a new house and my partner transferred to me (Not in writing) a sum of 25K which I consider to be my parents original loan monies - and they again gave me a further advance of 19364.00 two days before the purchase. on both figures I retained the same terms as above and paid them the interest myself since that date. I have let this property since then and declare their interest on my Tax return each year.
What document do I need to draw up in order to make this legal for tax reasons both for my partner's time if required, and more importantly now for myself? as my loan agreement does not say anything about either the property or the address.
Thank you for your help
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