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Aston Lawyer
Aston Lawyer, Solicitor
Category: Law
Satisfied Customers: 10734
Experience:  Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
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Good morning I have asked a friend to send me £250000 as a

Customer Question

Good morning
I have asked a friend to send me £250000 as a bridging loan until my house sells as I wish to help my son buy a flat and that money has to be seen to be there before contract exchange in 6weeks .though completion not until Jan/Feb next year by which time I hope I will have sold the house. How is it best for her to feel safe lending me that amount and we have discussed interest payments etc and she has cleared this with her accountant. Thanks
Submitted: 2 years ago.
Category: Law
Expert:  Aston Lawyer replied 2 years ago.

Hello and thanks for using Just Answer.

My name is ***** ***** am happy to assist you with your enquiry.

The only way your friend's financial position can be protected is by her registering a private Charge (similar to a Mortgage) against your property. The appropriate document is the Land Registry form CH1. By registerig the Charge, she will then have security that as and when your property is sold, she will be entitled to the amount of money as specified in the CH1.

You both should of course take independent legal advice before proceeding.

I hope this assists and if so, I would be grateful if you could rate my answer.

Kind Regards