Hello Zdenek my name is ***** ***** I will help you with this.
For now please let me know the amount of the loan and if they own their own property?
25000 GBP should be the loan ... and they do own a property, though still paying the mortgage for it = started 4 years ago and they didn't get any deposit down as they took the advantage of some "program" for firstbuyers.
Ok, you have a choice. Lend it and I would ask for a secure charge on the property or not
What you can't do is transfer the liability
If they default the lender will come after you, make no doubt about that
But if you get a charge on their property and they default, you can make them sell it
The process to get a charge is easy and would cost you no more than £50 or so
Its a single document to the Land Registry
But you will need a contract drawn up setting out each parties rights and responsibilities
But you can complete form RX1 and have it sent to the Land Registry to secure a charge
Can I clarify anything for you about this today please?
Please, few more questions Alex :
Since they are paying for the house where they live for cca 4 years ... would the bank accept such CHARGE as in my opinion, they don't owe it yet ?
Well they have a mortgage, you would go behind that but no differrent from a secured loan
In any event you would still have a right to force a sale.
2. basically ... can we say with 100% that the "loan expert"in the bank wasn't right about the "transfer of responsibilities@ - right ?
I dont understand what you are asking?
Sorry Alex ... would you be so kind and rephrase the "YOU WOULD GO BEHIND" .. I do understand words, but can't get to the meaning of it :( .. sorry, not a native English person (thanks)
Ok the mortgage would be charge 1
You would be charge 2
So if there was a default and the house was sold, charge 1 would be paid first, then you if there is money left
2. it was the loan expert in the bank, who said to them, that after they would ask us, to get the loan and then sign with us and agreement about taking full responsibility ... it would be still US who is responsible, right?
So .. even withthe charge, we still might get into risk, right ?
Yes that is right
Even with a document YOU are responsible for the loan
Alex ... thank you very much.
That's all I needed.
Can I clarify anything else for you?
Well ... not now. I have all I needed.
Have a nice rest of the day.