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Remus2004, Barrister
Category: Property Law
Satisfied Customers: 2456
Experience:  Over 5 years in practice.
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Would I be able have a contract drawn up, so that I'm able

Customer Question

Would I be able have a contract drawn up , so that I'm able to loan a friend £30,00-00 over a 12month period . Secured against a freehold business unit that he owns.
Submitted: 1 year ago.
Category: Property Law
Expert:  Ben Jones replied 1 year ago.

Hello, my name is***** am a qualified lawyer and I will be assisting you with your question today.

Expert:  Ben Jones replied 1 year ago.

What terms would you like to include in the contract?

Customer: replied 1 year ago.
5% interest for the loan period of 12 months. if he Fails to repay me after the 12months . I have the option to sale the property to repay my £30-000 plus all costs.
Customer: replied 1 year ago.
My Mobile no is***********
Expert:  Ben Jones replied 1 year ago.

OK thank you. Thank you also for the live phone call request. I am unable to talk at the moment as I am in court for the rest of today but please please leave it with me and I will prepare my advice in a while and get back to you at the earliest opportunity. There is no need to wait here as you will receive an email when I have responded. Thank you.

Expert:  Ben Jones replied 1 year ago.

I have looked into your query in more detail but unfortunately it is not something I can assist with due to the property aspect. I will therefore ‘opt out’ and a colleague better placed to deal with the nature of your query should hopefully pick this up soon. Please do not reply in the meantime as that will just assign the question back to me and you will experience a delay. Thank you

Expert:  propertylawyer replied 1 year ago.


I can assist you with this.

Expert:  propertylawyer replied 1 year ago.

What you want to do is absolutely possible.

Have you checked the title register of the property to ensure that there is no existing change and a restriction against further charged being registered?