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charge on a property
pk2007_2
Posts: 81 Forumite
would be grateful if anyone could help me out. a property i'm interested in buying shows up with charge dated 2006 on land registry website. i wanted to put in an offer but am now concerned if it means the house has some secured loans etc. not sure what charge means and whether it will cause a problem during sale.
thanks in advance
thanks in advance
0
Comments
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A charge could simply be a mortgage. Or other loans taken out against the property. The seller's solicitor will arrange to pay those off from the sale moneys and have the charges removed after completion. The main problem that could arise is that there is not enough equity in the property and the holders of the charge/s refuse to allow the sale.
Your solicitor will obtain an undertaking from the seller's solicitor to discharge all charges on completion and that undertaking is binding.0 -
thank you; that is helpful0
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