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Equity loan from the building company
Mgma
Posts: 1 Newbie
Hi all, looking for advice please... we have got an interest free equity loan from the building company for 10 years. The plan was to sell the house and return the loan with money received from the sale. However, time is ticking and the house is not sold yet (on the market but no bid received yet). So the question is - what will happen if the house is not sold by the time of 10 years are over? Or the sale will be still with solicitors...? Can we prolong the loan (with interest, of course)? Thank you! Ps. Suprisingly, there are no legal documents on the part of this loan... not sure why...
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