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Joshua
Joshua, Lawyer
Category: Property Law
Satisfied Customers: 25358
Experience:  LL.B (Hons), Higher Prof. Dip. Law & Practice
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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: 1 year ago.
Category: Property Law
Expert:  Joshua replied 1 year 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 1 year ago.

Cash

Expert:  Joshua replied 1 year 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 1 year ago.

Yes, yes.

Expert:  Joshua replied 1 year 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, Lawyer
Category: Property Law
Satisfied Customers: 25358
Experience: LL.B (Hons), Higher Prof. Dip. Law & Practice
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