Transferring property

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  • Land_Registry
    Land_Registry Posts: 5,780 Organisation Representative
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    The consideration would be what is being paid - I assume that means £70K and then the loan is secured as a legal charge separately
    “Official Company Representative
    I am the official company representative of Land Registry. MSE has given permission for me to post in response to queries about the company, so that I can help solve issues. You can see my name on the companies with permission to post list. I am not allowed to tout for business at all. If you believe I am please report it to forumteam@moneysavingexpert.com This does NOT imply any form of approval of my company or its products by MSE"
  • rabialiones
    rabialiones Posts: 1,957 Forumite
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    i dont quite understand what 'legal charge separately' means, it will be a private loan arrangement
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  • rabialiones
    rabialiones Posts: 1,957 Forumite
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    just noticed another form SDLT
    will this need to be sent off as well?
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  • Land_Registry
    Land_Registry Posts: 5,780 Organisation Representative
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    rabialiones wrote: »
    i dont quite understand what 'legal charge separately' means, it will be a private loan arrangement

    The loan will be secured as a legal charge on the title and be in your favour. As such the monies being secured do not form part of the consideration being referred to in the Transfer

    As there is a £70K consideration then you will need to cover off the SDLT angle - have a read of the online guidance from GOV.UK for that
    “Official Company Representative
    I am the official company representative of Land Registry. MSE has given permission for me to post in response to queries about the company, so that I can help solve issues. You can see my name on the companies with permission to post list. I am not allowed to tout for business at all. If you believe I am please report it to forumteam@moneysavingexpert.com This does NOT imply any form of approval of my company or its products by MSE"
  • rabialiones
    rabialiones Posts: 1,957 Forumite
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    thanks very much LRR for your info.
    from my understanding, does that mean that if its 40000 or less then the sdlt form does not have to be filled in if the rest of the amount will be paid within few years as a loan
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  • rabialiones
    rabialiones Posts: 1,957 Forumite
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    As there is a £70K consideration then you will need to cover off the SDLT angle - have a read of the online guidance from GOV.UK for that[/QUOTE]


    thanks LRR for your help and advice ,
    i have looked at the online guidance

    please explain what you mean by
    'you will need to cover off the SDLT angle '
    thanks
    Nice to save.
  • Savvy_Sue
    Savvy_Sue Posts: 46,024 Forumite
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    rabialiones wrote: »
    please explain what you mean by
    'you will need to cover off the SDLT angle '
    thanks
    From the page LRR linked to:
    You must still send an SDLT return for transactions under £125,000 unless they’re exempt.
    So I'm guessing that means you need to do a return.
    Signature removed for peace of mind
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