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 Joshua Your Own Question
Joshua
Joshua, Lawyer
Category: Property Law
Satisfied Customers: 26069
Experience:  LL.B (Hons), Higher Prof. Dip. Law & Practice
35043042
Type Your Property Law Question Here...
Joshua is online now

Can I sell my house and transfer freehold on receiving deposit

Resolved Question:

Can I sell my house and transfer freehold on receiving deposit and taking a legal charge on property for remainder?
Submitted: 2 years ago.
Category: Property Law
Expert:  Joshua replied 2 years ago.
Hello and thank you for your question. I will be very pleased to assist you. I'm a practising lawyer in England with over 10 years experience. May I ask if the buyer in this scenario would be purchasing in cash please or would they require a mortgage for the deposit?
Customer: replied 2 years ago.

Cash

Expert:  Joshua replied 2 years ago.
Thank you. Finally do you presently have a mortgage on the property? If you do would you be able to pay it off following receipt of the deposit?
Customer: replied 2 years ago.

Yes, yes.

Expert:  Joshua replied 2 years ago.
Thank you. what you propose is possible providing a) the buyer is paying in cash without a mortgage and b) you are able to pay of your existing mortgage at the same time the property is transferred. If either of these conditions cannot be met, your proposal would not be possible because the mortgage lender would not consent and the lender's consent would be required if there was either an existing mortgage or new mortgage to be entered against the property. From what you say however, both of the above conditions could be satisfied and accordingly you could proceed as you propose. You would need to ensure that you have a carefully prepared loan agreement with your buyer which sets out precisely by which time the buyer must make payment to you for the balance and any interest that is proposed to be charged. from there, it is simply a case of securing a simple charge with power of sale (the right to repossess) to secure the loan agreement against the property. A solicitor should be retains repair these documents for you to ensure they are correct and correctly registered. I hope the above is of assistance? If you have no further questions for now I should be very grateful if you would kindly take a moment to click to rate my service to you today or just reply back to let me know if the above is helpful. Your feedback is important to me. If there is anything else I can help with please reply back to me I'd be very grateful
Joshua and 2 other Property Law Specialists are ready to help you