How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Clare Your Own Question
Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 34589
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
13262538
Type Your Law Question Here...
Clare is online now

1) How many people can have a first charge on a property? 2)

Resolved Question:

1) How many people can have a first charge on a property?
2) A friend has criminal proceedings and his property is frozen am i able to place that charge?
3) He needs to borrow the money as he got a commercial mortgage instead of residential - the mortgage company are on his back
4) how safe am i to lend him £50,000 by placing a 1st charge on his property?
Submitted: 2 years ago.
Category: Law
Expert:  Clare replied 2 years ago.
Hi
Thank you for your question.
My name is Clare
I will do my best to help you but I need some further information first.
Just to confirm - there is already a charge on the property?
How much is the house worth and how much is outstanding on the mortgage?
Clare
Customer: replied 2 years ago.

The mortgage company has a charge i'm presuming. House was bought 3 years ago for £425 000. Approx £180,000 cash the rest mortgage. I'm sure the value has gone up. If i put a charge on it and either the banks or courts try to take the property does my charge stand for anything?

Expert:  Clare replied 2 years ago.
Hi
You cannot have a first Charge on the property as the Mortgage company already has that.
Any charge that you take will be payable AFTER the first mortgage and AFTER any Proceedings of Crime ruling
You will therefore be gambling that there will be funds left over from which you can be paid
Please ask if you need further details
Clare
Clare and other Law Specialists are ready to help you