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Ash
Ash, Solicitor
Category: Property Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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Someone owes me money and have said that because they can't

Resolved Question:

Someone owes me money and have said that because they can't currently pay, they will allow me to put a charge on their home.
I know there are various types of charge or restriction that one can place. I would like to know the advantages and disadvantages of each and the costs involved.
I also need to know how to fill out the relevant forms for the Land Registry and the exact text that I need to put on those forms
Submitted: 1 year ago.
Category: Property Law
Expert:  Ash replied 1 year ago.
Hello my name is ***** ***** I will help you.
You are better off having a restriction using form RX1. The Cost is £50 to the land registry.
Details are here
https://www.gov.uk/government/publications/notices-restrictions-and-the-protection-of-third-party-interests-in-the-register/practice-guide-19-notices-restrictions-and-the-protection-of-third-party-interests-in-the-register
Can I clarify anything for you about this today please?
Alex
Customer: replied 1 year ago.

Are there any additional benefits to having a proper charge as opposed to a restriction?

Also assuming I go for a restriction, I need to know the wording to put in section 9 of the RX1 form

Expert:  Ash replied 1 year ago.
It would be form of words M. The benefits are about the same, consent would be needed either way.
Alex
Customer: replied 1 year ago.

Are you saying that there are no benefits to a charge?

What are the words of M?

Expert:  Ash replied 1 year ago.
The words of M are contained in the practice guide I gave the link for. No audio two benfefits but more expensive as you will need a solicitor
Alex.
Customer: replied 1 year ago.

What does "no audio two benefits" mean?

Expert:  Ash replied 1 year ago.
Sorry predictive text. Meant no additional benefit,
Alex
Ash and other Property Law Specialists are ready to help you
Expert:  Ash replied 1 year ago.
Hi

I am just following up to see if there is anything else I can help with?

If you have not done so already might I ask you to rate my answer before you go today please, the button should be at the bottom of the screen.

If you need more help please click reply.

Alex