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JGM
JGM, Solicitor
Category: Scots Law
Satisfied Customers: 11144
Experience:  30 years as a practising solicitor.
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I have a property valued at £300,000.00 of which I would like

Resolved Question:

I have a property valued at £300,000.00 of which I would like to use as security for my husbands debt of £45000.00. I have already put the property on the market for sale because I it's too far away from where we happily live together. please advice
Submitted: 2 years ago.
Category: Scots Law
Expert:  JGM replied 2 years ago.
Thank you for your question.
If your husband's creditor is agreeable a standard security can be granted by you in favour of the creditor and registered over the property. That means that the creditor would have right to such of the proceeds of sale as would be required to repay the debt and. discharge of the security would be granted at that time.
Alternatively, as you say you have done, you can apply for a mortgage on the usual way and repay the debt. In that case the lender would take a security over the property until the sale and repayment of the loan.
Happy to discuss further.
I hope this helps. Please leave a positive response so that I am credited for my time.
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