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Aston Lawyer
Aston Lawyer, Solicitor
Category: Property Law
Satisfied Customers: 10610
Experience:  LLB(HONS) 23 years of experience in dealing with Conveyancing and Property Law
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I want to have a loan from a friend and would like to put a

Resolved Question:

I want to have a loan from a friend and would like to put a property that I own up as collateral. I do have a mortgage. Will my friend definitely get the money back after the mortgage is paid if I put it on the land registry
Submitted: 2 years ago.
Category: Property Law
Expert:  Aston Lawyer replied 2 years ago.

Hello and thanks for using Just Answer.

I am Al and am happy to assist you with your enquiry.

If you grant your friend a second Charge over your property, this will mean that as and when you sell the property, after payment of your Mortgage, your friend will be entitled to "whatever is left" so provided this sum covers the amount you would owe, then your friend would have security for the money that is lent to you.

If you wish to enter into a simple Charge, you can complete Form CH1 and get this registered at the Land Registry.

I hope this assists and answers your question.

Kind Regards

Al

Aston Lawyer and other Property Law Specialists are ready to help you
Customer: replied 2 years ago.

Thank you. I thought that was right but wanted to check. Do you know about tax questions ?

Expert:  Aston Lawyer replied 2 years ago.

Hi Dave,

Thanks.

I am a Conveyancing Solicitor, so really only know basic tax questions unless you want to know about Stamp Duty!

Kind Regards

Al

Customer: replied 2 years ago.

Hi Al, well actually the property I discussed is a semi detatched house converted into 3 flats and each have a separate mortgage. Could I list the loan over all three flats if I wanted to

Expert:  Aston Lawyer replied 2 years ago.

Hi Dave,

Each flat will have its own Land Registry Title Number, so if you wanted to do that, you could, but you would have to register 3 separate CH1 Forms against each title.

Kind Regards

Al

Customer: replied 2 years ago.

Last question, is there a charge to register a CH1

Expert:  Aston Lawyer replied 2 years ago.

Hi Dave,

Yes there is- based on the amount of the Charge- if it is under £100,000 it is £40 and I tink it;s about £50 if under £200,000.

Kind Regards

Al

Customer: replied 2 years ago.

Thanks Al

Customer: replied 2 years ago.

Hi Aston

I will need to fill in a CH1 and an AP1 I believe. As I said yesterday it is over 3 flats. How much would you charge to help me through the process ?

You just need to tell me what info I need and I will get it ?

Expert:  Aston Lawyer replied 2 years ago.

Hi Dave,

If you could post this as a new question, I would be able to help for £40.

Kind Regards

Al

Customer: replied 2 years ago.

Hi Al

Thanks for your reply

Would that include helping me fill in all the forms and submit them ?

Obviously I would pay the legal charge fees.

Regards

Dave

Expert:  Aston Lawyer replied 2 years ago.

Hi Dave,

Just Answer is only a question and answer site. I can therefore assist you by posting answers to your questions, but nothing more.

Kind Regards

Al

Customer: replied 2 years ago.

OK, Thanks Al, I'll get back to you soon


 


Dave

Customer: replied 2 years ago.

Hi Al


 


I am more than happy to pay your fees for the forms. Am I legally allowed to do it on the lenders behalf ?


Do I need the permission from the mortgage companies ?


Can you help me through the complete process start to finish ?


 


Dave