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Ask Ash Your Own Question

Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10915
Experience:  Solicitor with 5+ years experience
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Hi, I have a company owned 50%/50% with another shareholder.

Customer Question

Hi, I have a company owned 50%/50% with another shareholder. We would like to lend money to the company and secure the loan by all the assets owned by the company and especially the property that will be bought ( the loan to the company will be used to buy a property and develop it).

do you have a contract to reflect the above?

thank you for your help.
Submitted: 2 years ago.
Category: Law
Expert:  Ash replied 2 years ago.

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. There is no need to wait here, you will get an email when I reply.

Alex Watts :

We are a question and answer site and can not be instructed as we can only give answers to legal questions.

Alex Watts :

There are certain websites that offer very good templates. I can give you those if that is ok?

Alex Watts :

But I just need you to know the site limitations

JACUSTOMER-4pc64dm0- :

thanks Alex

JACUSTOMER-4pc64dm0- :

What are those websites?

Alex Watts :

There is a pay as you go / subscription based service which is excellent for contract templates and other legal documents that you need

Alex Watts :

They are called: www.simply-docs.co.uk

Alex Watts :

That is the one I recommend. I think it is only around £35

Alex Watts :

Does that help?

JACUSTOMER-4pc64dm0- :

I have tried this one, that looks free :http://www.legalcomplete.co.uk/

JACUSTOMER-4pc64dm0- :

I wanted to ask if there is any specific language needed for the charge on the property

Alex Watts :

What you can do is get a charge by consent.

Alex Watts :

You need form RX1

Alex Watts :

Let me just get the form of words

Alex Watts :

It is form of words N

JACUSTOMER-4pc64dm0- :

just to understand, I need a loan contract and a for RX1? where can I get that form?

Alex Watts :

No [disposition or specify type of disposition] of the registered estate [(other than a charge)] by the proprietor of the registered estate [, or by the proprietor of any registered charge, not being a charge registered before the entry of this restriction,] is to be registered without a written consent signed by [name and address] and [name and address]

It is Practice Guide 19 from the Land Registry

Alex Watts :

Can I clarify anything for you about this today please?

JACUSTOMER-4pc64dm0- :

the problem is that the company doesn't own the property yest

JACUSTOMER-4pc64dm0- :

yet

JACUSTOMER-4pc64dm0- :

we need to lend the money to the company to buy the asset

Alex Watts :

I can only give you the forms to do a charge. The contract side you need a site like www.simply-docs.co.uk

JACUSTOMER-4pc64dm0- :

so what you suggest is :

JACUSTOMER-4pc64dm0- :

1- have a loan contract between the company and shareholders

JACUSTOMER-4pc64dm0- :

2- have a charge on the property once it is bought?

Alex Watts :

1Yes

Alex Watts :

2 Yes

JACUSTOMER-4pc64dm0- :

can you help or suggest someone who can help to write both contract and the charge?

Alex Watts :

The charge I have given you the form and the words you need.

Alex Watts :

The contract either a legal template website like Simply Docs or a Solicitor.

JACUSTOMER-4pc64dm0- :

do you mind please having a quick look at the website I have sent you? and let me know if that's ok?

JACUSTOMER-4pc64dm0- :

http://www.legalcomplete.co.uk/contracts/loan-agreement-forms/?loc=GB&pid=googleadwords-bloan_gb-loan_2a&gclid=CKqe0O_o8LsCFeLHtAodukYA1Q

Alex Watts :

Its basic but should be ok

JACUSTOMER-4pc64dm0- :

is this what you mean by wording? No [disposition or specify type of disposition] of the registered estate [(other than a charge)] by the proprietor of the registered estate [, or by the proprietor of any registered charge, not being a charge registered before the entry of this restriction,] is to be registered without a written consent signed by [name and address] and [name and address]

Alex Watts :

Yes

Alex Watts :

You just need to add/delete the bits in [ ]

JACUSTOMER-4pc64dm0- :

ok, thanks

Alex Watts :

If this answers your question could I invite you leave feedback on my service which I hope has been excellent today, if you need more information or help then please click reply.

Please remember that I am always happy to help if you have future questions, even if I am in Court I can normally respond within a few hours. For future information, please start them with ‘For Alex W’.

Please bookmark my profile if you wish for future help: http://www.justanswer.co.uk/law/expert-alexwatts/

Alex Watts :

Please do remember to leave feedback before you go today. Thanks

JACUSTOMER-4pc64dm0- :

Hi Alex

Alex Watts : Hi. I am just travelling so may be a delay with my reply

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