Land Registry Legal Charge forms

Ed-1

This article states the following:
The legal charge itself will normally set out the amount borrowed, the terms on which it has been borrowed and the means by which the lender can enforce their rights against the property.

My questions are:

• does the amount secured and the terms on which the amount secured is repayable (e.g. interest repayable) go in panel 9 of the Land Registry form CH1?
  
  
• if I want to specify a maximum amount secured by the charge on form CH3, can this be variable (e.g. the property value from time to time), rather than a fixed sum?
  

da_rule

Question 1 - No. The terms of the charge will be in the separate loan agreement. This can also specify the maximum amount that can be advanced etc. There is no need to lodge the actual loan document with the Land Registry. In box 9 you can just put something along the lines of “monies advanced in accordance with the loan agreement between [party 1] and [party 2] dated [agreement date]”.

Question 2 - No, it has to be a set amount. You do not need to use this form if your charge will be the only one secured on the property. The maximum loan amount should be specified in the underlying loan agreement.

If the loan requires further advances to be made then a CH2 may be required.