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UKSolicitorJA
UKSolicitorJA, Solicitor
Category: Property Law
Satisfied Customers: 4312
Experience:  English solicitor with over 12 years experience
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My parents put up there property for security for a loan and

Resolved Question:

My parents put up there property for security for a loan and the bank put it on a separate piece of land they own at the rear of there garden since then they have sold there house as the charge should of been put on it but was not as the bank made a mistake and put it on there piece of land instead.
Would it still be enforceable as they originally agreed it on there property not the land.
Submitted: 3 years ago.
Category: Property Law
Expert:  UKSolicitorJA replied 3 years ago.
Hello,

They will still be liable to repay the Bank whatever they have borrowed from the Bank.

The Charge would not be enforceable as it was not made correctly and the property has now been sold off.

May I help further?
Customer: replied 3 years ago.

Hi,


Would they be liable as I am there son and it was me who borrowed the money so I presume I am liable for the outstanding money not them.


As the charge is not enforceable and was not made correctly can they insist that the bank take the charge off the land they own as it was not agreed for this to be placed on the land.

Expert:  UKSolicitorJA replied 3 years ago.
It all depends on what the documents signed by your parents say. If they guaranteed to repay the money to the bank in the event of you defaulting, then they would be liable to repay the money which you borrowed.

Yes, they may ask the bank to discharge the charge placed wrongly over the land.

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