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UKSolicitorJA
UKSolicitorJA, Solicitor
Category: Law
Satisfied Customers: 4312
Experience:  English solicitor with over 12 years experience
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Is a personal mortgage arrangement between seller and prospective

Resolved Question:

Is a personal mortgage arrangement between seller and prospective purchaser acceptable?
Submitted: 3 years ago.
Category: Law
Expert:  UKSolicitorJA replied 3 years ago.
Hello,

Yes, such an arrangement is fine whereby the buyer agrees to pay the purchase price of part of the purchase price in instalments to the seller.

The title is transferred to the buyer and the seller has a legal charge over the property until the loan is paid off. The other option is for possession to be given to the buyer but the title remains with the seller until the loan is paid off.

Hope this helps
Customer: replied 3 years ago.

Thank you for your advice about a house sale arranged directly between the seller and prospective purchaser(s). Would you be kind enough to explain the necessary steps to be taken - how far would solicitors be involved?

Expert:  UKSolicitorJA replied 3 years ago.
The solicitors should be involved in drafting the loan documents and ensuring that appropriate restrictions are lodged at the Land Registry to secure the seller.

They should be able to take care of everything for an additional fee to the sale which should be nominal.

I do not have enough information to go into details of the transaction as this is a simple Q&A site.

All the best
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