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JGM
JGM, Solicitor
Category: Law
Satisfied Customers: 11564
Experience:  30 years as a practising solicitor.
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My brother in law is lending me a sum of money (£8892). I

Resolved Question:

Hello. My brother in law is lending me a sum of money (£8892). I want to give him a claim on my property as surety for the sum. How do I do that? (My mortgage company was not helpful when I phoned them. I am not sure the person understood what I was asking).
Submitted: 28 days ago.
Category: Law
Expert:  JGM replied 28 days ago.

Thanks for your question. Your mortgage company was not the right sourc to ask about this. What you are seeking is for a second charge to be placed on your property to give your brother security for the money he is lending you, almost like a second mortgage. Your solicitor is the best person to draft this and deal with it for you. It is not an expensive exercise although the consent of Lloyd’s may be needed.

Customer: replied 28 days ago.
Do I go to the lender for consent BEFORE going to a solicitor?
Expert:  JGM replied 28 days ago.

In the first instance you would ask the lender if they need to give consent and if they do they will undoubtedly have a form for you to sign. Or if they tell you they don’t need to give consent then you can go to your solicitor.

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