Transferring property

Land_Registry

The consideration would be what is being paid - I assume that means £70K and then the loan is secured as a legal charge separately

rabialiones

i dont quite understand what 'legal charge separately' means, it will be a private loan arrangement

rabialiones

just noticed another form SDLT
will this need to be sent off as well?

Land_Registry

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

rabialiones

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

rabialiones

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

Savvy_Sue

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.