Alex Watts : Hello my name is Alex and I will help you with this. Please note that I am a working Solicitor and may be on and offline as I have to attend Court and meet with clients, even at weekends. As such you may not get an instant response when you reply as this is not an ‘on demand’ live service, but rest assured I will be giving your question my immediate attention upon return.
Alex Watts : Are you planning of having a written contract between you both?
We have exchanged emails which form the basis of an agreement. The proposition is very simple, I provide the partial funding and he will do all the work- then the profits will be divided equally. We will ask a solicitor to apply the charge to the deeds. If we have a formal contract I expect it to be very simple.
Alex Watts : But you want it to be time limited though?
Can we make some progress on this question? What time do you expect to return to this chat?
I have been waiting five hours now.
Alex Watts : Sorry I have been in court and did not expect to be this long.
Alex Watts : You would need a charge on the house to secure any interest. You can do this by way of a restriction using form RX1 and registering a restriction.
Alex Watts : Then you would need another agreement contract in writing setting out the rights and responsibilities.
Alex Watts : In that it would state what each party is to do and what happens if things go wrong.
Alex Watts : Further it would set out how you would go about enforcing your chagre. You would say that for example if the property was not sold within x months you reserve the right to seek an order for sale.
Alex Watts : indeed because you have a restriction on the property you would be able to seek an order for sale anyway.
Alex Watts : This is because the restriction makes any debt or loan secure and that security can be exercised by applying for an order for sale.
Alex Watts : So a restriction and contractual agreement setting out each of yours rights and responsibilities is what you need.
Alex Watts : Am I able to clarify anything for you about this today please? Alex