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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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hi i have a property with a mortgage 0f £95000 it is valued

Customer Question

hi i have a property with a mortgage 0f £95000 it is valued at £160000 it is tenanted i met the tenant 2 years ago the house needed modernising they said they wanted to rent the property till they could get a mortgage in the meantime they wanted to modenise it while renting i gave them a contract for 18 months for the agreed price of £125000 if they got the mortgage if they could buy it in that period i had the right to get it valued and renegotiate the price of wich they agreed the contract ended in november 2013 they have tried to get a motgage but failed they have spent appox £30000 on the property modernising it to a high standard we have a good relationship together they know i want to sell but also feel orry for there position we have tried to try and work something out one suggestion i have if it is legal they have a substantial amount of money to pay me could i take the money and put a second charge on the house to safeguard them or is there anything else i can do they dont want to move
Submitted: 3 years ago.
Category: Law
Expert:  Ash replied 3 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, but rest assured I will be giving your question my immediate attention upon return You do not need to wait here as you will get an email when I reply.
Alex Watts : Did they sign a contract to this effect please?
JACUSTOMER-azee05fp- :

yes

JACUSTOMER-azee05fp- :

ok

Alex Watts : What does the contract say will happen if they canT
Alex Watts : can't get a mortgage?
JACUSTOMER-azee05fp- :

i have the right to get it revalued and renegotiate the the price we they agreed

Alex Watts : Ok,
Alex Watts : So I don't quite understand what your question is?
Alex Watts : I am just on the train so signal may be on and off
Alex Watts : Have they breached the contract?
JACUSTOMER-azee05fp- :

i wont to know can i take a sum of money of them and put a second charge on my property to safe guard there money till the get a mortgage in the near future

Alex Watts : Does the contract allow for that?
Alex Watts : You want to take a second charge on the property you already own?
JACUSTOMER-azee05fp- :

we do not have a contract no more as it ran out in nov 2013 yes i will put a second charege if i can

Alex Watts : A second charge on a property you already own?
JACUSTOMER-azee05fp- :

yes the one in question to safe gaurd there money

Alex Watts : But if you own it a second charge would not be of any benefit, or am I missing the point?
JACUSTOMER-azee05fp- :

i am selling the house to them for £125000 i owe £95000 they are willing to pay me £30000 if they pay me this amount they will have no legal claim on the property will they

JACUSTOMER-azee05fp- :

they are willing to pay me this amount and carry on renting till they get a mortgage they just need some legal term to protect them what can i do to protect there money

Alex Watts :

I see. If they would agree to a second charge then yes you could do this.

Alex Watts :

The debt then becomes secure until they pay it off.

Alex Watts :

It costs £50 to register a second charge on the property using form RX1

Alex Watts :

But yes you can get a second charge.

Alex Watts :

Can I clarify anything for you about this today please?

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.

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