How do I find out if there's a secured loan on the house?

kathy_b_2

My brother has got himself into all kinds of financial trouble and his house is on the brink of repossesion. It has been valued at 60k. I have offered to buy it off him for less than this, do it up and sell it on. On completion I would then give him the remaining 10k that I can't afford to give him now. Or maybe let it for a while first then sell it.
I have many concerns about this as I've never done anything like this before. I know nothing about letting / property developing etc. My biggest concern though is whether my brother has any secured loans on the house that I don't know about. How do I find out (my brother doesn't want to talk about it) Would I be liable for anything secured on the house if I bought it? Any tips or thoughts about any part of this situation would be greatly appreciated.

Doozergirl

You can download the Title Register for £3 from the Land Registry website. There will be list of 'charges' against the property. If your brother has any secured loans or mortgages, they will be listed.

http://www.landregisteronline.gov.uk/

Your solicitor would not let you buy the property if the debts are not settled. It would be your brother's solicitor's responsibility to ensure the debts are dealt, which of course, they are duty bound to do.

Don't let it out, just sell it. He obviously needs the money and there's rarely anything to be made from BTL.

SOLIS_2

Kathy,

You should be able to find what you are looking for at http://www.landregistry.gov.uk/about_us/

However, I am not a lawyer and would strongly recommend that you use one if you are buying a property. Not only will they be able to find out if a motorway is going to be built through your living room, but whether there are debts on the property and how to stop further debts being put on the property while you are buying it after you have checked with the land registry.

Good luck.