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Property Charges
Djenkins
Posts: 1 Newbie
Hello, apologies if I am in the wrong area but this is the closest I could find....
A friend is looking to raise some money for a business and has asked if I can loan the funds. As security, it has been suggested that I take out a charge on a piece of land they own (they own it outright and there are no other charges on it). I understand this would need to be lodged with land registry via a solicitor and I have the following questions:
1. Can the charge be taken out for the full value of the land (I.e. £20k)
2. How long would this take to set up, I.e can it be set up with 1 visit to a solicitor
3. How long until the charge is in place (same day, 7 days, 28 days etc)
4. What documentation is required to proceed with this
5. What is the process if they default on the loan (can they be made to sell the land)
6. What would be the approximate cost to set this up
7. Once lodged with land registry this will appear on the title deeds, correct.
8. Once the debt is paid and the charge removed will it still appear on the title deeds as a previous charge, or is it removed completely
A friend is looking to raise some money for a business and has asked if I can loan the funds. As security, it has been suggested that I take out a charge on a piece of land they own (they own it outright and there are no other charges on it). I understand this would need to be lodged with land registry via a solicitor and I have the following questions:
1. Can the charge be taken out for the full value of the land (I.e. £20k)
2. How long would this take to set up, I.e can it be set up with 1 visit to a solicitor
3. How long until the charge is in place (same day, 7 days, 28 days etc)
4. What documentation is required to proceed with this
5. What is the process if they default on the loan (can they be made to sell the land)
6. What would be the approximate cost to set this up
7. Once lodged with land registry this will appear on the title deeds, correct.
8. Once the debt is paid and the charge removed will it still appear on the title deeds as a previous charge, or is it removed completely
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