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Hello and thanks for using Just Answer.
I am Al and am happy to assist you with your enquiry.
If you grant your friend a second Charge over your property, this will mean that as and when you sell the property, after payment of your Mortgage, your friend will be entitled to "whatever is left" so provided this sum covers the amount you would owe, then your friend would have security for the money that is lent to you.
If you wish to enter into a simple Charge, you can complete Form CH1 and get this registered at the Land Registry.
I hope this assists and answers your question.
Thank you. I thought that was right but wanted to check. Do you know about tax questions ?
I am a Conveyancing Solicitor, so really only know basic tax questions unless you want to know about Stamp Duty!
Hi Al, well actually the property I discussed is a semi detatched house converted into 3 flats and each have a separate mortgage. Could I list the loan over all three flats if I wanted to
Each flat will have its own Land Registry Title Number, so if you wanted to do that, you could, but you would have to register 3 separate CH1 Forms against each title.
Last question, is there a charge to register a CH1
Yes there is- based on the amount of the Charge- if it is under £100,000 it is £40 and I tink it;s about £50 if under £200,000.
I will need to fill in a CH1 and an AP1 I believe. As I said yesterday it is over 3 flats. How much would you charge to help me through the process ?
You just need to tell me what info I need and I will get it ?
If you could post this as a new question, I would be able to help for £40.
Thanks for your reply
Would that include helping me fill in all the forms and submit them ?
Obviously I would pay the legal charge fees.
Just Answer is only a question and answer site. I can therefore assist you by posting answers to your questions, but nothing more.
OK, Thanks Al, I'll get back to you soon
I am more than happy to pay your fees for the forms. Am I legally allowed to do it on the lenders behalf ?
Do I need the permission from the mortgage companies ?
Can you help me through the complete process start to finish ?